Are you buying your new home in Troy?
Buying a home can be stressful for a lot of people, but with a bit of up-front planning, it's not that complex.
I like to furnish buyers with an outline of the whole deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.
Step 1 – Get ready to purchase a home
Before you begin your home search, there are many things you'll want to take into account.
When you begin your search, you'll probably want to assemble a list of features you want, plan for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
A good principle to go by is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Talk to a real estate agent
That's where I come in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Troy area.
I'll also help you get started on your loan.
I partner with some of the best mortgage professionals in Troy, so you can rest assured that you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our first meeting, I'll begin finding houses on the market that meet your needs.
I'll research many of the houses and ignore the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we tour homes, I'll point out positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's pretty common for buyers to change their list of must-haves as we view houses and some items become more essential than others.
If that's the situation, I'll look through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Comprehend the housing market
My understanding of the Troy home market is an imperative element in your home search. I am conscious of all the school districts and neighborhoods, and I can communicate what districts are "hot" and warrant immediate action and the ones that are "cool" and allow for more analysis.
When we tour houses, I'll make sure to communicate when the asking price has room for negotiation and when I think the home is "priced to sell."
Any real estate agent in Troy will claim to know the market, but be wary, and be sure to ask your agent a lot of questions.
If it doesn't seem like they know everything, contact me at 802-744-6844 or e-mail me at , and I'd be more than happy to answer your questions. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find your dream house
I know we'll find your dream home in the Troy area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies, such as getting financing, completing the home inspection, and a clean title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property. The amount is most often put towards the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer. It's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse 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 constraints. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Secure financing
After the deal is signed, you'll start working with your lender to close the loan.
This won't take much time at all if you're already pre-approved, but you need to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) of closing costs within three days of getting your application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is based on the loan amount. RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and should be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at 802-744-6844 or e-mail me at .