Buying your home in Troy with Big Bear Real Estate
Purchasing a home intimidates a lot of people. However, with a little planning ahead of time, it's not that difficult.
So they understand exactly what they can expect, I'll furnish buyers with an overview of the entire deal.
These are my nine steps to purchasing a home.
Should you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are plenty of things you need to consider before commencing your home search.
It's likely that you'll want to form 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 principle to follow is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Troy
That's where I come in.
I'd be happy to schedule a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Troy area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Troy, and I partner with a lot of them, so you'll be in great hands.
They can help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After we meet, I'll begin searching for homes on the market that are a good fit for you.
I'll research many of the homes and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we tour homes, I'll identify good features and negative ones. I'll even ask you what things you like and don't like.
It's widely common for buyers to change their list of must-haves as we tour houses and some items become far more crucial than others.
If that happens, I'll go back through the listings another time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's understanding of the Troy market is an essential component in your house search. And I assure you I'm conscious of all the neighborhoods and schools, and I can alert you to certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for thoughtful analysis.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as every real estate agent will convince you they truly know the market.
If things don't add up, call me at 802-744-6844 or e-mail me at , and I'll be happy to answer any questions you have. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream home in Troy, and when we do, I'll carefully develop your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When submitting your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline 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 budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take long at all, but you should to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your application.
This estimate depends 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 it all looks adequate.
Then we'll close on your home. This should happen at a title company or escrow office and should be a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 802-744-6844 or e-mail me at .