Purchasing a home intimidates many people. However, with a bit of up-front planning, it's not very hard.
So you understand exactly what to expect, I like to give my buyers an outline of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
Before you begin searching for a home, there are plenty of things you should contemplate.
When you start your search, you'll probably want to create an outline of items you want to have, get a feeling for what neighborhoods you want to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be no more than 30 percent of your net monthly income.
Step 2 – Contact a real estate agent in Morristown
This is where Re/Max Real Estate Ten comes in.
I'd love to book a time to meet with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Morristown area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
Re/Max Real Estate Ten works with some of Morristown's best mortgage professionals, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll start looking for homes on the market that meet your needs.
I'll research many of the homes and eliminate the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we view homes, I'll show you the positive features and bad ones. I'll also ask you what things you like and don't like.
Generally, buyers revise their list of must-haves as we view homes and some features become more essential than others.
If that happens, I'll look through all the listings one more time and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's awareness of the Morristown housing market is a crucial factor in your house search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can communicate some districts are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as every real estate agent in Morristown will claim to truly understand the housing market.
If it seems like they don't know everything, contact me at 4235818881 or e-mail me at skelton@lcs.net, and I'll be glad to answer your questions. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find your dream house in Morristown, and when we do, I'll precisely create your real estate purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property and is most often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's really common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Get a loan
Once the contract is complete, you'll begin working with your lender to close the loan.
It shouldn't take much time at all if you've been pre-qualified, but you'll need to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if it all looks good.
Then we'll close on your home. This should happen at a title company or escrow office and will probably be a smooth and stress-free occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 4235818881 or send me an e-mail.
