Looking to purchase a new home in Troy? Big Bear Real Estate can help.

For a lot of people, purchasing a home is a stressful event. But with a bit of planning ahead of time, it's not that difficult. I like to furnish buyers with a road map of the entire deal so they'll understand exactly what to expect. Below are my nine steps to purchasing a home. If you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at .

Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are a lot of things you need to contemplate. When you begin your search, you'll probably want to put together an index of items you need, get a feel for what neighborhoods you'd like to live in, and start planning around your budget. A good guideline to follow is that your mortgage payment should be no more than 1/3 of your net monthly income.

Step 2 – Talk to a real estate agent
That's where I come in. We can book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Troy area.

In addition, I'll assist you with getting started on your loan. There are some very good mortgage professionals in Troy, and I partner with a lot of them, so you can rest assured that you're in great hands. They can help you determine which kind of loan is best for you, as well as help you get approved.

Step 3 – Start looking for a home
After our initial meeting, I'll start finding available homes on the market that meet your needs. I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.

When we tour houses, I'll point out positive features, as well as bad ones. I'll even 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 homes and some items become far more necessary than others. If such is the case, I'll search the listings again and narrow it down to the house you've been dreaming about.

Step 4 – Know the housing market
My understanding of the Troy housing market is a crucial agent in your house search. I am conscious of all the neighborhoods and school districts, and I can let you know some neighborhoods are "hot" and demand immediate action and some that are "cold" and allow for thoughtful consideration.

When we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell." Any real estate agent will claim to truly know the housing market, but trust your instincts, and make sure you ask plenty of questions. If things don't add up, just call me at 802-744-6844 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire deal.

Step 5 – Find the house you've been looking for
I'm sure we'll find the house of your dreams in the Troy area. When that happens, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies. A few examples are acquiring financing, carrying out the inspection, and a clean title.

Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's usually put towards the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer. It's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and move on.

Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a contract that's best for you.

Step 7 – Secure your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. This shouldn't be a long process at all if you're pre-approved, but you'll need to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your application. This estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks all right.

Then we'll close on your home. This will most likely occur at a title company or escrow office and will probably be a smooth and relaxing occurrence.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 802-744-6844 or e-mail me at .

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