Buying or selling a home?
Buying a home is stressful for a lot of people, but it's not all that difficult with some planning ahead of time.
So they'll know exactly what to expect, I will supply buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Prepare to buy a home
Before you begin searching for a home, there are many things you'll want to consider.
When you begin your search, you'll want to create an index of features you need to have, get a feel for what neighborhoods you want to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be no more than a third of your net monthly income.
Step 2 – Talk to a real estate agent
That's where I can help.
I'd love to schedule 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 future plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Troy area.
I can also help you start the loan process.
There are some very good mortgage professionals in Troy, and I work with a lot of them, so you're in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After we meet, I'll start finding homes on the market that meet your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we tour homes, I'll show you the positive features and negative ones. And I'll ask you to point out what things you like and don't like.
It's common for buyers to amend their must-have list as we tour homes and some items become more substantial than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My knowledge of the Troy housing market is an essential factor in your home search. I'm conscious of all the neighborhoods and schools, and I can alert you to which districts are "hot" and demand immediate action and some that are "cold" and allow for careful examination.
As we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I know the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions, as any real estate agent in Troy will convince you they know the market.
If things don't add up, call me at 802-744-6844 or e-mail me at , and I'd be glad to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
We'll find your dream house in Troy, and when we do, I'll precisely create your purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take very long at all, but you'll need to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) outlining your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will likely be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 802-744-6844 or e-mail me at .