With a little up-front planning, purchasing a home isn't very hard, but the event can be stressful for a lot of people. So you'll understand exactly what to expect, I like to supply my buyers with an outline of the entire deal. Below are my nine steps to buying a home.
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When you're ready to get started, simply contact us. We are glad to answer questions you have regarding this information. |
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Step 1 – Get ready to buy
There are a lot of things you should do prior to starting your home search. You'll probably want to assemble an index of features you need, get a feel for what school districts and neighborhoods you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent in Fisherville
This is where Elk Creek Realty comes in. I'd be happy to set up a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts, the mortgage and housing industries, and any other economic factors that could affect your buying decision today or in the future.
I'll also help you start the loan process. There are some great mortgage professionals, and I partner with a lot of them, so you'll be in great hands. They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll begin searching for available houses on the market that meet your needs. I'll preview most of the houses and reject the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
When we view the homes, I'll call attention to good features and bad ones. I'll also ask you about things you like and dislike. It's widely common for buyers to update their list of must-haves as we tour houses and some things become more essential than others. If that happens, I'll look through the listings once again and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the home market is a leading element in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I can let you know some districts are "hot" and call for prompt action and some that are "cold" and allow for thoughtful examination.
As we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I trust the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Any REALTOR® will tell you they comprehend the housing market. If things don't add up, contact me at (502)477-6561, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm positive we'll find the house of your dreams. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain financing
Once the contract is finalized, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, this shouldn't be a long process at all, but you'll need to stay in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your application. This estimate is based on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will most likely be a smooth and hassle-free event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (502)477-6561 or send me an e-mail.