Contemplating purchasing your new home in Troy?
Buying a home can be stressful for many people. However, with a little planning ahead of time, it's not all that complicated.
I like to supply buyers with an overview of the whole deal so they'll understand exactly what to expect.
These 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 glad to address questions you have about this information.
Step 1 – Prepare to purchase
Before you start looking for a home, there are plenty of things you'll want to consider.
When you begin your search, you'll probably want to form an index of features you want, get a plan of what school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good guideline to follow.
Step 2 – Communicate with a real estate agent in Troy
This is where Big Bear Real Estate can help.
I'd like to arrange a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Troy area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I partner with some of the best mortgage professionals in Troy, so you'll be in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll start searching for houses on the market that are good for you.
I'll preview many of the homes and reject the duds, and then we'll set up appointments to view the homes when it's convenient for you.
As we view the houses, I'll show you the good features, as well as negative ones. I'll also ask you about things you like and don't like.
It's pretty common for buyers to change their wish list as we view houses and some things become far more important than others.
If that's the case, I'll go back through the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
My knowledge of the Troy market is a necessary agent in your house search. I am informed of all the school districts and neighborhoods, and I'll let you know which districts are "hot" and warrant immediate action and others that are "cold" and allow for careful analysis.
As we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions, as any real estate agent will convince you they know the housing market.
If things don't add up, contact me at 802-744-6844 or e-mail me at , and I'll be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream home
We'll find your dream home in Troy, and when that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are getting financing, completing the inspection, and a clean title.
When we turn in your offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the 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 the deal
A lot of deals aren't closed on the beginning offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get a loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't take much time at all. But you'll need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will probably happen at a title company or escrow office and is often 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 or have any questions, just call me at 802-744-6844 or e-mail me at .