Buying a home is intimidating for most people. However, with some up-front planning, it's not that complicated.
So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
These are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you start searching for a home, there are a lot of things you need to take into account.
When you begin your search, you'll probably want to put together a check list of must-haves, get a feel for what neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent
This is where Pier Realty can help.
We'll arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some very good mortgage professionals in , and I work with a lot of them, so you'll be in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll start looking for houses on the market that are great for you.
I'll preview many of the homes and reject the duds, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour the homes, I'll call attention to positive features and bad ones. I'll even ask you to talk about things you like and dislike.
Frequently, buyers revise their list of must-haves as we tour homes and some things become far more essential than others.
If such is the case, I'll go back through all the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the housing market
My awareness of the market is an essential benefit in your home search. I'm mindful of all the school districts and neighborhoods, and I'll communicate what districts are "hot" and call for immediate action and the ones that are "cool" and allow for careful analysis.
When we tour homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell."
Every REALTOR® in will claim to comprehend the market, but beware, and be sure to ask lots of questions.
If things don't add up, call me at or e-mail me at bill@billcuppy.com, and I'd be happy 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 home you've been looking for
I'm positive we'll find the house of your dreams in . When that happens, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as getting financing, carrying out the inspection, and a clear title.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Obtain your loan
Upon signing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't take much time at all. But you should to stay in close contact with your lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often occur at a title company or escrow office and will most often be a smooth and hassle-free event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at or send me an e-mail.
