Looking to buy your new home in Troy? Big Bear Real Estate can help.
Buying a home is an intimidating event for many people. However, with some up-front planning, it's not too complex.
I like to supply buyers with an overview of the whole deal so they'll know exactly what they can 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 happy to address questions you have about this information.
Step 1 – Get ready to buy
There are plenty of things you need to take into account before beginning your home search.
It's likely that you'll want to create an index of features you want, get a feel for what neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent
This is where Big Bear Real Estate comes in.
We'll arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Troy area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
I'll also help you start the loan process.
Big Bear Real Estate partners with some of the finest mortgage professionals in Troy, so you'll be in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet for the first time, I'll begin finding available houses on the market that meet your needs.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour the houses, I'll identify good features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Oftentimes, buyers update their wish list as we view homes and some features become more crucial than others.
If that happens, I'll go back through all the listings one more time and trim it down to the home of your dreams.
Step 4 – Understand the market
My understanding of the Troy housing market is an imperative factor in your home search. I am conscious of all the neighborhoods and schools, and I can communicate some neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for more consideration.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and when I trust the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as every REALTOR will claim to understand the market.
If things don't add up, just call me at 802-744-6844 or e-mail me at , and I'd be happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
We'll find the house of your dreams in the Troy area, and when we do, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as obtaining financing, completing the home inspection, and a clean title.
When we send in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property, and it's most often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the initial offer – it's extremely common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure financing
Once the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this won't be a long process at all. However, you need to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at 802-744-6844 or e-mail me at .