Purchasing a home is a stressful event for many people, but it isn't too confusing with a little up-front planning.
So you know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to MarieBronson@comcast.net. I'm glad to answer any questions you have regarding this information.
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Step 1 – Prepare to buy a home
There are many things you need to consider before starting your home search.
You'll probably want to form an index of features you need, get an idea of what school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent
That's where I can help.
We'll book 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 discuss everything from neighborhoods, school districts in the Englewood area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
There are some excellent mortgage professionals in Englewood, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll begin searching for homes on the market that suit your needs.
I'll preview most of the houses and remove the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
When we tour homes, I'll point out good features, as well as bad ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to change their list of must-haves as we tour houses and some features become more substantial than others.
If that happens, I'll search all the listings once again and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My knowledge of the Englewood housing market is an essential resource in your search. I am conscious of all the neighborhoods and schools, and I can let you know some districts are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful analysis.
When we view houses, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I trust the house is "priced to sell."
Every REALTOR® in Englewood will convince you they truly know the housing market, but keep an eye out, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at 9416622405 or e-mail me at MarieBronson@comcast.net, and I'd be more than happy to answer your questions. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the house of your dreams in Englewood. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as getting financing, finishing the inspection, and a clear title.
When submitting your offer, you'll likely need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial 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 agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, this shouldn't take much time at all. But you'll need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of accepting your application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often happen at a title company or escrow office and will most often be a smooth and relaxing 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, be sure to call me at 9416622405 or send me an e-mail.
