Let Big Bear Real Estate help you with buying your new home in Troy
With a little planning ahead of time, buying a home isn't too complex, but the event can be stressful for many people.
I like to furnish buyers with an outline of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Get ready to buy a home
There are several things you should contemplate before you search for a home.
When you begin your search, you'll probably want to create an index of items you need, get a feeling for what neighborhoods you want to live in, and start working on your budget.
A good rule to go by is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Connect with a real estate agent in Troy
This is where Big Bear Real Estate comes in.
I'd like to book a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
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 purchase today or in the future.
I'll also help you begin the loan process.
There are some very good 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 kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet, I'll begin searching for available houses on the market that suit your needs.
I'll research most of the homes and eliminate the duds, and then we'll book appointments to view the homes whenever it's convenient for you.
When we tour the houses, I'll point out good features and negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to amend their must-have list as we tour homes and some features become more important than others.
If that's the situation, I'll look through all the listings again and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
An agent's awareness of the Troy home market is an imperative aspect in your house search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can let you know certain areas are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful analysis.
When we view houses, I'll make sure to communicate when the asking price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Every REALTOR will tell you they truly know the market.
If it appears they don't know everything, contact me at 802-744-6844 or e-mail me at , and I'd be happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find your dream home
I know we'll find your dream house in Troy. When we do, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When we present your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property and is typically applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Get financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't take long at all. However, you need to stay 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) of your closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most often take place at a title company or escrow office and will most often be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 802-744-6844 or e-mail me at .