Purchasing a home is an intimidating event for a lot of people, but with some up-front planning, it's not very hard.
I like to furnish buyers with an outline of the whole deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Before you begin your home search, there are a lot of things you should do.
You'll want to put together a check list of features you need, plan for what school districts and neighborhoods you want to live in, and begin planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be no more than 1/3 of your net monthly income.
Step 2 – Contact a real estate agent
That's where I can help.
I'd love to book a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Tierra Verde area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan.
I work with some of Tierra Verde's best mortgage professionals, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After we meet for the first time, I'll start searching for available houses on the market that are a great fit for you.
I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. I'll even ask you to tell us about things you like and dislike.
For the most part, buyers amend their must-have list as we tour homes and some things become more important than others.
If that's the situation, I'll search all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My awareness of the Tierra Verde market is an essential advantage in your house search. I'm informed of all the neighborhoods and schools, and I will alert you to certain areas are "hot" and require immediate action and others that are "cold" and allow for careful examination.
When we view houses, I'll be sure to tell you when the list price has room for negotiation and when I believe the home is "priced to sell."
Every REALTOR® in Tierra Verde will tell you they truly know the housing market, but be mindful, and make sure you ask a lot of questions.
If it seems like they don't know everything, call me at 727-906-9595 or e-mail me at debmarcum5@gmail.com, and I'd be glad to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in Tierra Verde. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is usually applied to the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer – it's very common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain financing
Once the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take long at all, but you should to stay in close contact with your lender.
And I'll deal with 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) detailing closing costs from your mortgage lender within three days of accepting your loan 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 I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most often happen at a title company or escrow office and should be a smooth and calm affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 727-906-9595 or send me an e-mail.
