Buying a home
Purchasing a home is intimidating for most people. However, with some planning ahead of time, it isn’t all that hard. So you understand exactly what to expect, I like to provide my Clients’ with an overview of the entire deal. Here are my nine steps to purchasing a home.
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Step 1 – Get ready to buy
There are several things you’ll want to take into account prior to commencing your home search. When you begin your search, you’ll want to put together an outline of items you need, get a feeling for what school districts and neighborhoods you’d like to live in, and start planning around your budget. Ensuring your mortgage payment is less than 1/3 of your monthly income is a good guideline to go by.
Step 2 – Talk to a real estate agent
This is where a knowledgeable Realtor comes in. By scheduling a meeting, we can talk about what you are looking for in your next home in addition to any future plans you may have for it. We’ll discuss neighborhoods, school districts, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I’ll help you facilitate the loan process. There are some excellent mortgage professionals in the Tucson and Phoenix areas and I work with a lot of them; so you can rest assured that you’re in great hands. They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I’ll begin looking for available homes for sale on the market that are a great fit for you. I’ll get a sneak peek of most of the houses and eliminate the duds, and then we’ll schedule appointments to tour the houses when it’s convenient for you. I will also be setting up a detailed Real Estate Portal homesearch based on your preferences.
When we tour the homes, I’ll show you the good features, as well as bad ones. I’ll even ask you to point out what things you like and dislike. Often, buyers update their must-have list as we tour homes and some things become more important than others. If that happens, I’ll look through all the listings once more and trim it down to the house you’ve been waiting for.
Step 4 – Understand the housing market
My knowledge of the Tucson and Phoenix home markets is a necessary benefit in your search. I can alert you to which neighborhoods are “hot” and call for immediate action and the ones that are “cool” and allow for careful examination.
When we tour homes, I’ll let you know when the list price has room for bargaining and when I trust the house is “priced to sell.” And always feel free to ask questions. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
I’m confident we’ll find your dream house, and when that happens, I’ll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When submitting your offer, most likely you’ll need to submit “earnest money.” This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is often applied to the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren’t closed on the beginning offer. It’s widely common to receive a counter offer. Don’t let it 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 go on.
How aggressively we negotiate the deal depends on the state of the market. We’ll also work within your financing constraints. And at the end of the day, we’ll assemble a contract that’s best for you.
Step 7 – Obtain your loan
Upon finishing the deal, 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 should to stay in close contact with your lender. And I’ll manage all the property information your mortgage lender will need to close the loan.
You’ll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your loan application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy, and I’ll analyze the estimate and let you know if everything looks permissible.
Then it’s time to close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 520-891-9617 or just send me a email at firstname.lastname@example.org.
I look forward to working for you as your Realtor!