Buying a home is an intimidating event for a lot of people, but it isn't very hard with a bit of planning ahead of time. I like to furnish buyers with an overview of the whole deal so they'll understand exactly what they can expect. Here are my nine steps to purchasing a home.
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Step 1 – Prepare to purchase
There are plenty of things you should consider before starting your home search. You'll want to create an index of must-have features, get a feel for what school districts you want to live in, and start working on your budget. A good rule of thumb to go by is that your mortgage payment should be a third of your net monthly income.
Step 2 – Talk to a real estate agent and get pre-approved.
That's where I come in. We'll schedule 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, schools, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, you'll want to get started on your loan. There are some great mortgage professionals, and I work with a lot of them, so you're in great hands. They can assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start your search
Following our initial meeting, I'll begin finding available 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 when it's most convenient for you.
When we view the houses, I'll point out good features and bad ones. I'll even ask you about things you like and dislike. Generally, buyers change their must-have list as we view homes and some features become more essential than others. If that's the case, I'll go back through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the the area housing market is a fundamental resource in your home search. I'm informed of all the neighborhoods and schools, and I can alert you to certain districts are "hot" and require prompt action and others that are "cool" and allow for more examination.
When we tour homes, I'll be sure to tell you when the list price has room for bargaining and also when I think the house is "priced to sell." Be on guard and be sure to ask plenty of questions, as any REALTOR® will tell you they understand the home market. If things don't add up, just call me at 603-305-1922 or e-mail me at Jenn@TopNHhomes.com, and I'll be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find the home of your dreams. When that happens, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When submitting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property. The amount is usually put towards the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer, and it's widely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your lender to close the loan. If you've been pre-approved, it shouldn't take much time at all, but you'll want to keep in close contact with your lender. And I'll sort out 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 your closing costs from your lender within three days of getting your application. This estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 603-305-1922 or send me an e-mail.
I cover most of Hillsborough County. Some of the towns: Nashua Real Estate, Pelham Real Estate, Hudson Real Estate, Nashua Properties for sale.