Purchasing your home in Troy with Big Bear Real Estate
For many people, purchasing a home is a stressful event. But with a bit of up-front planning, it isn't that complex.
So they'll understand exactly what they can expect, I will furnish buyers with an overview of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are several things you need to contemplate prior to commencing your home search.
It's likely that you'll want to assemble a check list of items you need to have, get an idea of what school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 1/3 of your monthly income is a good guideline to go by.
Step 2 – Connect with a real estate agent in Troy
This is where I can help.
We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Troy area.
I'll also help you begin the loan process.
Big Bear Real Estate partners with some of Troy's best mortgage professionals, so you're in great hands.
They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin looking for houses on the market that suit your needs.
I'll preview most of the houses and throw out the bad ones, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we view homes, I'll identify good features and bad ones. I'll even ask you to point out what things you like and don't like.
Frequently, buyers update their wish list as we view houses and some features become more necessary than others.
If that's the case, I'll search the listings again and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
Your agent's knowledge of the Troy home market is a leading agent in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll let you know which areas are "hot" and demand immediate action and some that are "cool" and allow for thoughtful analysis.
As we tour houses, I'll let you know when the asking price has room for negotiation and when I trust the house is "priced to sell."
Every real estate agent will tell you they truly understand the market, but beware, and make sure you ask your agent plenty of questions.
If things don't add up, just call me at 802-744-6844 or e-mail me at , and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find the home of your dreams in Troy. When we do, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is often applied to the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's very common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Secure financing
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
This shouldn't take long at all if you've been pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then we'll close on your house. This should take place at a title company or escrow office and should be a smooth and hassle-free 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 call me at 802-744-6844 or e-mail me at .