With some up-front planning, buying a home isn't all that complicated, but the event intimidates a lot of people. So you understand exactly what to expect, I like to provide my buyers with an overview of the entire deal. These are my nine steps to purchasing a home.
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If you have any questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at MikeGroovy@tropicalalaska.com |
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Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are several things you'll want to do. You'll most likely want to put together an outline of items you need to have, get a feel for what school districts you'd like to live in, and begin working on your budget. Keeping your mortgage payment around 1/3 of your monthly income is a good principle to follow.
Step 2 – Get with a real estate agent
This is where I come in. I'd like to book a time to get together with you and communicate with you about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Seminole area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also assist you in getting started on your loan. There are some excellent mortgage professionals in Seminole, and I work with a lot of them, so you'll be in great hands. They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start your home search
After we meet, I'll start looking for available homes on the market that are a good fit for you. I'll get a sneak peek of many of the homes and throw out the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
When we view the homes, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and don't like. It's common for buyers to change their wish list as we tour homes and some things become far more substantial than others. If that's the case, I'll search the listings again and narrow it down to the home you've been waiting for.
Step 4 – Know the market
An agent's knowledge of the Seminole housing market is a necessary element in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can communicate which areas are "hot" and demand prompt action and the ones that are "cold" and allow for careful consideration.
As we tour houses, I'll make sure to communicate when the seller's asking price has room for negotiation and when I know the home is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions. Any REALTOR® in Seminole will convince you they know the home market. If things don't add up, call me at 4052021880 or e-mail me at Michael_M@alamode.com, and I'll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find your dream house in Seminole. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, finishing the inspection, and a clear title.
Upon sending in your purchase offer, you'll likely need to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer, and it's widely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Secure a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan. If you've been pre-qualified, this won't take long at all, but you'll want to stay in close contact with your mortgage lender. And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your application. The estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and calm occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at 4055555555 or send me an e-mail.