For most people, purchasing a home is a stressful event. However, with a bit of up-front planning, it's not too complicated.
I like to give buyers an overview of the whole deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to phil@delizio.com. I'm glad to answer questions you have regarding this information.
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Step 1 – Get ready to purchase a home
Before you begin searching for a home, there are plenty of things you should take into account.
When you start your search, you'll probably want to form an index of items you need, get a plan of what school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Talk to a real estate agent in Crofton
That's where I come in.
We can set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Crofton area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
I work with some of the finest mortgage professionals in Crofton, so you can rest assured that you're in great hands.
They will assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll start searching for homes on the market that suit your needs.
I'll research many of the homes and remove the duds, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we view the homes, I'll identify positive features, as well as negative ones. I'll even ask you to point out what things you like and don't like.
It's pretty common for buyers to revise their wish list as we view houses and some things become more substantial than others.
If that happens, I'll go back through all the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
An agent's awareness of the Crofton home market is an essential component in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I'll let you know which areas are "hot" and require immediate action and some that are "cool" and allow for more examination.
As we view homes, I'll be sure to tell you when the list price has room for negotiation and when I believe the home is "priced to sell."
Be mindful and be sure to ask your agent a lot of questions, as any real estate agent will claim to truly understand the housing market.
If things don't add up, contact me at 410-721-6100 or e-mail me at phil@delizio.com, and I'll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in the Crofton area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
When turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is usually applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer, and it's pretty common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain a loan
After the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't be a long process at all, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll study the estimate and let you know if everything looks good.
Then we'll close on your house. This will most often take place at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at 410-721-6100 or send me an e-mail.
