Are you contemplating buying a home in Troy?
With a little planning ahead of time, buying a home isn't all that complex, but the event can be stressful for a lot of people.
I like to furnish buyers with a road map of the entire deal so they understand exactly what they can expect.
These are my nine steps to buying a home.
Should you have any questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are a lot of things you'll want to do before you search for a home.
You'll want to form an outline of features you want, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget.
A good rule of thumb to adhere to is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Connect with a real estate agent in Troy
This is where Big Bear Real Estate comes in.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Troy area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
I can also help you start the loan process.
Big Bear Real Estate works with some of the best mortgage professionals in Troy, so you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll begin searching for available homes on the market that are great for you.
I'll research most of the houses and ignore 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 call attention to good features, as well as bad ones. I'll even ask you to talk about things you like and dislike.
It's widely common for buyers to change their wish list as we view homes and some features become more important than others.
If such is the case, I'll go back through the listings once again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
An agent's awareness of the Troy market is a crucial factor in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll communicate which areas are "hot" and warrant immediate action and the ones that are "cold" and allow for more analysis.
When we tour houses, I'll make sure to communicate when the list price has room for negotiation and when I believe the house is "priced to sell."
Trust your instincts and be sure to ask lots of questions, as every REALTOR will tell you they truly know the market.
If it seems like they don't know everything, just call me at 802-744-6844 or e-mail me at , and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in Troy, and when that happens, I'll carefully create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as acquiring financing, completing the inspection, and a clear title.
When presenting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property and is most often applied to the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your lender to close the loan.
It won't take very long at all if you're already pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and should be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just contact me at 802-744-6844 or e-mail me at .