Buying or selling a home?
Purchasing a home is an intimidating event for many people. However, with a bit of planning ahead of time, it's not all that difficult.
So they'll know exactly what they can expect, I like to give buyers a road map of the whole deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Get ready to buy a home
There are a lot of things you should contemplate before you start searching for a home.
When you begin your search, you'll probably want to put together an index of items you want, plan for what neighborhoods and school districts you want to live in, and begin working on your budget.
A good rule of thumb to follow is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Contact a real estate agent in Troy
This is where Big Bear Real Estate comes in.
I'd love to plan a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Troy area.
I'll also assist you with getting started on your loan.
There are some excellent mortgage professionals in Troy, and I work with a lot of them, so you'll be in great hands.
They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After we meet for the first time, I'll begin looking for available houses on the market that are great for you.
I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view homes, I'll identify good features and negative ones. I'll even ask you to tell us about things you like and dislike.
Oftentimes, buyers revise their list of must-haves as we view houses and some items become far more substantial than others.
If that's the case, I'll search all the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
Your agent's understanding of the Troy home market is a crucial agent in your house search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I'll let you know which districts are "hot" and call for immediate action and others that are "cold" and allow for more consideration.
When we tour houses, I'll be sure to tell you when the list price has room for bargaining and when I trust the home is "priced to sell."
Be mindful and be sure to ask your agent a lot of questions, as any real estate agent in Troy will tell you they know the market.
If things don't add up, just call me at 802-744-6844 or e-mail me at , and I'll be happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in the Troy area, and when that happens, I'll precisely develop your home purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When sending in your offer, you'll probably need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's most often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing limits. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get your loan
Upon finishing the contract, you'll begin working with your lender to close the loan.
If you're pre-qualified, it shouldn't take long at all, but you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) outlining closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This will most often occur at a title company or escrow office and will likely be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 802-744-6844 or e-mail me at .