Let Big Bear Real Estate help you with buying your new home in Troy
For most people, buying a home can be a stressful event. But with a bit of up-front planning, it's not very hard.
So they know exactly what they can expect, I will provide buyers with an outline of the whole deal.
Below are my nine steps to purchasing a home.
If you have questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you start your home search, there are plenty of things you should consider.
When you begin your search, you'll probably want to put together a check list of features you want, get an idea of what neighborhoods and school districts you want to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Connect with a real estate agent
This is where Big Bear Real Estate comes in.
We'll plan 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 everything from neighborhoods, schools in the Troy area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Troy, and I work with a lot of them, so you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
After we meet for the first time, I'll start searching for available homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and reject the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll call attention to good features and negative ones. I'll also ask you to tell us about things you like and dislike.
Frequently, buyers revise their must-have list as we view houses and some features become more essential than others.
If such is the case, I'll look through the listings again and trim it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's understanding of the Troy market is a fundamental agent in your house search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I'll communicate some neighborhoods are "hot" and demand immediate action and some that are "cold" and allow for more consideration.
When we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent will tell you they truly understand the home market, but take note, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at 802-744-6844 or e-mail me at , and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the home of your dreams in Troy. When that happens, I'll carefully create your home purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
Upon presenting your purchase offer, you'll probably want to present "earnest money." This is a cash deposit given to a 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 within 30 to 60 days after. This allows ample 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. Don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get financing
Once the deal is signed, you'll begin working with your lender to close the loan.
If you're pre-qualified, it won't be a long process at all. However, you'll need to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your house. This will probably take place at a title company or escrow office and is often a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 802-744-6844 or e-mail me at .