The 9 Steps to Home Ownership.
For many people, purchasing a home can be an intimidating event. But with some planning ahead of time, it isn't very complicated. I like to provide buyers with a road map of the entire deal so they know exactly what they can expect. These are my nine steps to buying a home.
Should you have any questions regarding this information or if you're ready to get started, you can contact me here or send e-mail to email@example.com
Step 1 – Prepare to purchase
There are plenty of things you need to contemplate before you look for a home. When you begin your search, you'll probably want to form a checklist of must-have features, plan for what neighborhoods and school districts you want to live in, and begin planning your budget. A good guideline to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Seek Professional Guidance
I'd like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.
Step 3 – Begin the hunt
After our initial meeting, I'll search all my resources for houses on the market that fit your criteria. I'll email you a link to the listings that I've found, so you can review them and choose the ones you would like to see. Then, I'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.
Step 4 – Know the market
My knowledge of the local market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, I'll let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge will keep you a step ahead of the "house hunting competition".
In a "seller's market", it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.
Step 5 – Find your dream house
I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held within 30 to 45 days from the offer date (generally dependent on the turn around time of your mortgage financing). I have had some close in 7 business days, when all factors are favorable for a fast closing!
Step 6 – Negotiate the deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 – Get a loan
During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.
Step 8 – Close the deal
You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low. Finally a local attorney will handle the closing, and they will take care of the title work and any other needs for your lender. I will work hand in hand with the attorney to get us to closing on time.
Step 9 – Move in
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure. And if you need anything or have any questions, be sure to contact me at 803-984-4619 or send me an e-mail.