Buying or selling a home in Troy?
For a lot of people, purchasing a home can be a stressful event. However, with a bit of up-front planning, it isn't all that difficult.
I like to provide buyers with an outline 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, just contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Prepare to purchase
There are many things you'll want to take into account before starting your home search.
You'll probably want to create an index of features you need, get a plan of what neighborhoods and school districts you want to live in, and begin working on your budget.
A good rule to adhere to is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Talk to a real estate agent in Troy
This is where Big Bear Real Estate comes in.
I'd love to schedule a time to get together with you and speak with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Troy area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some great mortgage professionals in Troy, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll 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, I'll start searching for homes on the market that meet your needs.
I'll research many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
As we tour the houses, I'll identify positive features, as well as bad ones. And I'll ask you to point out what things you like and don't like.
Frequently, buyers update their wish list as we view houses and some features become more important than others.
If such is the case, I'll search all the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Understand the market
Your agent's understanding of the Troy housing market is a crucial aspect in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I'll communicate what districts are "hot" and warrant prompt action and others that are "cool" and allow for thoughtful consideration.
As we view homes, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as any real estate agent in Troy will convince you they truly know the housing market.
If it seems like they don't know everything, call me at 802-744-6844 or e-mail me at , and I'd be happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in Troy. When that happens, I'll carefully develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, completing the inspection, and a clean title.
When we present your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Secure a loan
Upon completion of the deal, you'll start working with your lender to close the loan.
If you're pre-qualified, it shouldn't take long at all. But you need to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of taking your application.
The estimate depends 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 study the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and will likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at 802-744-6844 or e-mail me at .