Are you buying a home in Troy?
Buying a home is stressful for a lot of people, but it isn't too confusing with some planning ahead of time.
I like to furnish buyers with an overview of the whole deal so they know exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are several things you'll want to consider prior to beginning your home search.
You'll most likely want to create a list of features you want to have, get a feeling for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Troy
This is where Big Bear Real Estate comes in.
I'd love to arrange a time to meet with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Troy area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Troy, and I partner with a lot of them, so you're in great hands.
They'll assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, I'll begin looking for available homes on the market that are great for you.
I'll research most of the homes and remove the duds, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour houses, I'll identify good features and bad ones. I'll also ask you to tell us about things you like and dislike.
It's pretty common for buyers to change their must-have list as we view houses and some features become more essential than others.
If that happens, I'll search the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the market
My knowledge of the Troy market is an essential factor in your house search. I'm familiar with all the schools and neighborhoods, and I can alert you to what areas are "hot" and warrant prompt action and some that are "cool" and allow for careful analysis.
When we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and make sure you ask your agent a lot of questions, as every real estate agent will convince you they truly know the home market.
If it seems like they don't know everything, contact me at 802-744-6844 or e-mail me at , and I'll be glad to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the house of your dreams in Troy, and when we do, I'll thoroughly create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's extremely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Get your loan
Once the contract is finished, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't take long at all, but you should to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) of your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most likely happen at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 802-744-6844 or e-mail me at .