Buying a home can be stressful for a lot of people. However, with a little planning ahead of time, it isn't that confusing.
So you understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
These are my nine steps to purchasing a home.
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If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at dharbour@roseandwomble.com.
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Step 1 – Get ready to buy
There are a lot of things you'll want to contemplate before you start looking for a home.
You'll probably want to assemble a check list of must-haves, get an idea of what school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent in Chesapeake
This is where I can help.
I'd be happy to plan a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Chesapeake area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you get started on your loan.
I work with some of Chesapeake's best mortgage professionals, so you're in great hands.
They can assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll start searching for available houses on the market that meet your needs.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you about things you like and dislike.
It's pretty common for buyers to update their wish list as we view homes and some items become far more substantial than others.
If such is the case, I'll look through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's awareness of the Chesapeake market is a necessary agent in your home search. And I assure you I'm mindful of all the neighborhoods and schools, and I can alert you to certain areas are "hot" and require immediate action and others that are "cool" and allow for more analysis.
When we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Any real estate agent in Chesapeake will convince you they know the housing market.
If it seems like they don't know everything, just call me at 757-547-1234 or e-mail me at dharbour@roseandwomble.com, and I'll be happy to answer any questions you have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in the Chesapeake area. When we do, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When sending in your offer, you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's really common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Secure a loan
Once the deal is finished, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't be a long process at all. But you should to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application.
The estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will likely take place at a title company or escrow office and will most likely be a smooth and calm event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at 757-547-1234 or send me an e-mail.
