For most people, buying a home is a stressful event. However, with a little planning ahead of time, it's not that complicated. We like to provide buyers with an outline of the whole deal so they understand exactly what to expect. Below are our nine steps to buying a home.
||When you're ready to get started, just contact us here or send an e-mail to email@example.com . We're happy to address any questions you have about this information.
Step 1 – Prepare to purchase
Before you commence your home search, there are many things you need to contemplate. When you start your search, you'll probably want to make a check list of must-have features, get a feeling for what neighborhoods you'd like to live in, and begin planning around your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Get in touch with a real estate agent
This is where we come in. We'd be more than happy to set up a time to meet 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, schools in the area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, we'll assist you with getting started on your loan. There are some excellent mortgage professionals in the area, and we partner with a lot of them, so you can rest assured that you're in great hands. They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet, we'll begin searching for available homes on the market that are good for you. We'll preview many of the houses and reject the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
As we tour the homes, we'll show you the good features and bad ones. We'll also ask you to talk about things you like and dislike. Most often, buyers update their must-have list as we tour homes and some items become far more substantial than others. If such is the case, we'll search the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the market is a crucial component in your home search. And we can assure you we're acquainted with all the schools and neighborhoods, and we will communicate certain neighborhoods are "hot" and warrant immediate action and some that are "cool" and allow for careful analysis.
As we tour homes, we'll be sure to tell you when the asking price has room for negotiation and when we know the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask plenty of questions, as any REALTOR® will convince you they understand the home market. If it doesn't seem like they know everything, contact us at (301)904-5773 or e-mail us at firstname.lastname@example.org , and we'd be glad to answer any questions you might have. Our market expertise will keep you a step ahead through the entire process.
Step 5 – Find the house of your dreams
We know we'll find the house of your dreams, and when we do, we'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, we make contracts contingent upon items like obtaining financing and the results of the home inspection.
When turning in your offer, you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer. It's very common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Secure financing
Upon finishing the deal, you'll start working with your lender to close the loan. This won't take much time at all if you're pre-qualified, but you should to keep in close contact with your mortgage lender. And we'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your application. This estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and we'll review the estimate and let you know if it all looks good.
Then it's time to close on your house. This should occur at a title company or attorney's office and will probably be a smooth and comfortable affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact us at (301)904-5773 or send us an e-mail.