Purchasing a home is a stressful event for most people, but with some planning ahead of time, it's not very difficult.
I like to supply buyers with an outline of the entire deal so they'll know exactly what to expect.
These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to homes@sailinghomerealty.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase a home
There are several things you need to do before you start looking for a home.
It's likely that you'll want to put together a checklist of items you need, get a feeling for what neighborhoods and school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 1/3 of your net monthly income is a good guideline to follow.
Step 2 – Contact a real estate agent in Baldwin
That's where I can help.
We'll set up a time to meet so we can 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 Baldwin area, the mortgage industry, and any additional economic factors that may potentially affect your purchase today or in the future.
I can also help you facilitate the loan process.
I work with some of the best mortgage professionals in Baldwin, so you can rest assured that you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
Following our first meeting, I'll begin looking for homes on the market that are a great fit for you.
I'll get a sneak peek of most of the houses and reject the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
As we tour houses, I'll identify positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
As a rule, buyers revise their wish list as we tour homes and some items become far more important than others.
If that's the situation, I'll go back through the listings again and narrow it down to the home of your dreams.
Step 4 – Understand the market
Your agent's awareness of the Baldwin market is an imperative factor in your house search. And I assure you I'm mindful of all the school districts and neighborhoods, and I will communicate which districts are "hot" and demand prompt action and the ones that are "cool" and allow for more consideration.
As we tour houses, I'll let you know when the list price has room for bargaining and also when I trust the house is "priced to sell."
Every real estate agent will claim to know the market, but be mindful, and be sure to ask your agent a lot of questions.
If it appears they don't know everything, just call me at 516-377-4760 or e-mail me at homes@sailinghomerealty.com, and I'd be glad to answer your questions. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream home in Baldwin. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as obtaining financing, completing the inspection, and a clear title.
When sending in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is typically put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer. It's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take very long at all, but you'll want to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at 516-377-4760 or send me an e-mail.
