Purchasing a home is intimidating for many people, but with a bit of up-front planning, it's not all that difficult.
I like to give buyers an overview of the whole deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy
Before you begin your home search, there are plenty of things you should consider.
When you start your search, you'll probably want to put together an outline of items you want to have, plan for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
A good principle to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent
This is where Earl Webb Real Estate, Inc. comes in.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Bristol area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I can also assist you with getting started on your loan.
There are some great mortgage professionals in Bristol, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll begin searching for homes on the market that are a good fit for you.
I'll research many of the houses and remove the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
When we tour houses, I'll call attention to good features and bad ones. I'll also ask you what things you like and dislike.
Generally, buyers revise their must-have list as we tour homes and some items become far more crucial than others.
If that's the situation, I'll search all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Bristol market is an imperative element in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I will communicate some areas are "hot" and warrant prompt action and some that are "cold" and allow for more consideration.
When we view homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Be on guard and be sure to ask plenty of questions, as any REALTOR® will convince you they comprehend the market.
If it seems like they don't know everything, call me at (423) 764-4114 or e-mail me at email@example.com, and I'll be glad to answer any questions you may have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the house of your dreams in Bristol, and when that happens, I'll precisely create your purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property and is usually applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer, and it's widely common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure financing
After we sign the final deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, it won't take much time at all, but you need to keep in close contact with your lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (423) 764-4114 or send me an e-mail.