Buying a home can be stressful for many people. However, with a bit of up-front planning, it isn't all that complicated.
I like to give buyers an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
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If you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at johncompton21@aol.com.
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Step 1 – Prepare to buy a home
There are several things you'll want to take into account prior to commencing your home search.
You'll want to form an outline of features you want to have, get a feeling for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I'd love to schedule a time to get together with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Monroe area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
Century 21 Greengarden Real Estate partners with some of Monroe's finest mortgage professionals, so you'll be in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin finding available houses on the market that are a great fit for you.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we view the homes, I'll call attention to positive features and bad ones. And I'll ask you about things you like and don't like.
It's pretty common for buyers to amend their wish list as we tour homes and some things become far more substantial than others.
If that's the situation, I'll look through the listings one more time and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the Monroe home market is a leading component in your house search. And I assure you I'm conscious of all the neighborhoods and schools, and I'll let you know some areas are "hot" and require prompt action and others that are "cold" and allow for careful analysis.
As we view houses, I'll be sure to tell you when the list price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Every real estate agent will convince you they truly understand the home market.
If things don't add up, contact me at 2035223100 or e-mail me at johncompton21@aol.com, and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in Monroe. When we do, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When we send in your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is usually put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get your loan
After we sign the final contract, you'll start working with your lender to close the loan.
This won't be a long process at all if you've been pre-approved, but you'll want 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 mortgage lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and easygoing occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at 2035223100 or send me an e-mail.