Contemplating buying a home in Morristown?
With some planning ahead of time, purchasing a home isn't all that complex, but it still is intimidating for many people.
So you'll understand exactly what to expect, we like to furnish our buyers with an overview of the whole deal.
Here are our nine steps to buying a home.
If you have any questions about this information or if you're prepared to get started, simply contact us here or send e-mail to firstname.lastname@example.org
Step 1 – Get ready to buy
Before you start looking for a home, there are several things you need to take into account.
When you begin your search, you'll want to assemble a check list of features you need, get a plan of what school districts and neighborhoods you want 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 guideline to follow.
Step 2 – Get in touch with a real estate agent in Morristown
This is where Re/Max Real Estate Ten comes in.
We'd be happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Morristown area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.
We can also help you get started on your loan.
There are some excellent mortgage professionals in Morristown, and we work with a lot of them, so you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After we meet, we'll begin finding available houses on the market that best suit you.
We'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
As we tour houses, we'll show you the positive features and negative ones. we'll also ask you to talk about things you like and don't like.
As a rule, buyers change their list of must-haves as we tour houses and some items become far more substantial than others.
If that happens, we'll search the listings another time and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Morristown housing market is an imperative agent in your house search. And we can assure you we're well acquainted with all the schools and neighborhoods, and we can alert you to some districts are "hot" and require immediate action and the others that are "cool" and allow for more analysis.
As we view homes, we'll be sure to tell you when the seller's asking price has room for bargaining and also when we know the home is "priced to sell."
Every REALTOR® will convince you they truly know the housing market, but be on guard, and make sure you ask a lot of questions.
If it appears they don't know everything, call us at (423) 581-8881 or e-mail us at email@example.com, and we'd be glad to answer your questions. Our market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We're sure we'll find your dream home in the Morristown area. When we do, we'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon sending in your offer, you'll likely need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain a loan
After the contract is signed, you'll begin working with your lender to close the loan.
If you've been pre-qualified, it won't take very long at all, but you need to stay in close contact with your lender.
And we'll manage 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) of your closing costs from your mortgage lender within three days of taking your application.
The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy. we'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your home. This should take place at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, simply call us at (423) 581-8881 or send us an e-mail.