Buying a home is stressful for a lot of people, but it's not too hard with a little planning ahead of time. So you'll understand exactly what to expect, I like to give my buyers an overview of the entire deal. Here are my nine steps to purchasing a home.
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Should you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at DianneDenisRealEstate@gmail.com. |
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Step 1 – Get ready to buy a home
Before you begin searching for a home, there are several things you should do. You'll probably want to create an outline of items you want to have, get a feel for what school districts you want to live in, and begin planning around your budget. A good guideline to go by is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Communicate with a real estate agent
That's where I can help. I'd be happy to arrange a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Weston area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan. There are some very good mortgage professionals in and around Weston, and I work with a lot of them, so you'll be in great hands. They will assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll begin finding houses on the market that meet your needs. I'll preview most of the houses and reject the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view the houses, I'll call attention to positive features, as well as bad ones. I'll also ask you to point out what things you like and don't like. It's pretty common for buyers to revise their must-have list as we tour houses and some things become more essential than others. If that happens, I'll go back through all the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the market
An agent's understanding of the Weston home market is a leading agent in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I'll alert you to certain districts are "hot" and demand prompt action and some that are "cool" and allow for more consideration.
As we tour homes, I'll let you know when the seller's list price has room for bargaining and when I think the home is "priced to sell." Be careful and make sure you ask your agent lots of questions, as any REALTOR® in Weston will convince you they truly know the housing market. If it appears they don't know everything, just call me at 305-215-0510 or e-mail me at DianneDenisRealEstate@gmail.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream home in the Weston area. When that happens, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as getting financing, carrying out the inspection, and a clear title.
Upon turning in your purchase offer, you'll likely need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If the offer is accepted by the seller, 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 deals don't close on the beginning offer. It's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get your loan
Once the deal is complete, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it won't take very long at all, but you need to stay in close contact with your lender. And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application. This estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and pleasant occurrence.
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 305-215-0510 or send me an e-mail.
