Buying or selling a home?
Buying a home can be stressful for many people, but it's not all that complicated with a bit of up-front planning.
I like to give buyers a road map of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
If you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy
There are a lot of things you'll want to consider prior to starting your home search.
When you begin your search, you'll probably want to put together an outline of features you want, get an idea of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Connect with a real estate agent
This is where I can help.
I'd love to plan a time to get together with you and talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Plantsville area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
There are some very good mortgage professionals in Plantsville, and I partner with a lot of them, so you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, I'll begin looking for available houses on the market that suit your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we tour the homes, I'll identify positive features and negative ones. I'll even ask you to talk about things you like and dislike.
Frequently, buyers update their list of must-haves as we tour homes and some features become more necessary than others.
If that's the case, I'll search the listings once more and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Plantsville market is an imperative agent in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll communicate what areas are "hot" and demand immediate action and some that are "cold" and allow for more consideration.
When we view houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as any REALTOR will convince you they truly understand the market.
If it seems like they don't know everything, just call me at 860-621-7130 or e-mail me at , and I'd be more than happy to answer your questions. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in the Plantsville area, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are acquiring financing, completing the inspection, and a clean title.
When sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer. It's widely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
Once the deal is signed, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this won't take very long at all, but you need to keep in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will most likely be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at 860-621-7130 or e-mail me at .