Purchasing a home is a stressful event for a lot of people, but it isn't all that complicated with some up-front planning.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin looking for a home, there are plenty of things you should take into account.
You'll probably want to assemble a list of features you want to have, get an idea of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent
That's where I come in.
We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the McMurray area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you begin the loan process.
There are some great mortgage professionals in McMurray, and I partner with a lot of them, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin finding homes on the market that best suit you.
I'll research many of the homes and ignore the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
As we view the houses, I'll call attention to positive features, as well as negative ones. And I'll ask you about things you like and dislike.
It's widely common for buyers to revise their must-have list as we view homes and some things become far more essential than others.
If that happens, I'll look through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's awareness of the McMurray market is a crucial component in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I will communicate some districts are "hot" and demand immediate action and some that are "cold" and allow for more examination.
When we tour houses, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be mindful and be sure to ask lots of questions, as any real estate agent will convince you they understand the market.
If it appears they don't know everything, contact me at 724-941-8680 ext 215 or e-mail me at sjfoltz@comcast.net, and I'd be glad to answer any questions you have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the house of your dreams in McMurray, and when that happens, I'll precisely develop your home purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, you'll probably need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer – it's extremely common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Get financing
After the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take long at all. But you should to stay in close contact with your lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your application.
This estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and be within a precise range of accuracy, and I'll study the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely take place at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, simply contact me at 724-941-8680 ext 215 or send me an e-mail.
