Buying a home intimidates many people. However, with a little planning ahead of time, it's not very complicated. I like to supply buyers with an overview of the whole deal so they know exactly what to expect. These are my nine steps to buying a home.
Step 1 – Get ready to buy
There are a lot of things you'll want to contemplate before commencing your home search. You'll want to put together an outline of must-have features, plan for what neighborhoods you want to live in, and start planning your budget. A good guideline to adhere to is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Contact a real estate agent in midvale
This is where Coldwell Banker Residential Brokerage Union Heights comes in. We can plan a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the midvale area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase 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 midvale, and I partner with a lot of them, so you can rest assured that you're in great hands. They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our first meeting, I'll start finding available homes on the market that are great for you. I'll preview most of the homes and remove the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
As we view the houses, I'll show you the good features, as well as negative ones. I'll also ask you to talk about things you like and dislike. For the most part, buyers change their must-have list as we view homes and some things become far more crucial than others. If that's the situation, I'll look through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
An agent's knowledge of the midvale home market is a necessary agent in your home search. And I can assure you I'm familiar with all the school districts and neighborhoods, and I'll alert you to what districts are "hot" and call for prompt action and the ones that are "cold" and allow for more consideration.
As we view houses, I'll let you know when the list price has room for bargaining and when I believe the house is "priced to sell." When working with an agent, be careful and make sure you ask plenty of questions. Any real estate agent in midvale will claim to understand the home market. If it seems like they don't know everything, call me at 8015674000 or e-mail me at Russ@russellklein.com, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream home
We'll find the house of your dreams in the midvale area, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made 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 we send in your offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that works well for you.
Step 7 – Secure financing
After the deal is signed, you'll begin working with your mortgage lender to close the loan. This shouldn't take long at all if you're already pre-approved, but you'll need to keep in close contact with your mortgage lender. And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your application. The estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will likely be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 8015674000 or send me an e-mail.
