Buying a home is a stressful event for most people, but it's not too complicated with a bit of planning ahead of time.
I like to give buyers an overview of the whole deal so they'll know exactly what to expect.
Here are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to steph_realtor@roadrunner.com. I'm happy to address questions you have regarding this information.
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Step 1 – Get ready to purchase a home
There are several things you need to consider before you start searching for a home.
When you start your search, you'll want to put together an outline of features you want, get a feel for what school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent in Enterprise
This is where Coldwell Banker Prestige Homes & Real Estate, Inc. comes 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 upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Enterprise area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also help you get started on your loan.
Coldwell Banker Prestige Homes & Real Estate, Inc. works with some of Enterprise's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After we meet, I'll begin finding available houses on the market that are great for you.
I'll research many of the homes and eliminate the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view houses, I'll point out good features, as well as bad ones. I'll also ask you to tell us about things you like and don't like.
Frequently, buyers change their must-have list as we tour houses and some items become more crucial than others.
If that's the case, I'll search all the listings once again and trim it down to the house you've been wishing for.
Step 4 – Understand the housing market
Your agent's awareness of the Enterprise home market is a necessary agent in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I will let you know which areas are "hot" and require immediate action and some that are "cool" and allow for thoughtful analysis.
As we view houses, I'll let you know if the asking price has room for negotiation or if 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. Every REALTOR® in Enterprise will claim to understand the housing market.
If things don't add up, contact me at 334-347-7971 or e-mail me at steph_realtor@roadrunner.com, and I'd 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 home you've been waiting for
I know we'll find your dream house in Enterprise. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property and is most often put towards the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer – it's pretty common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, it won't take long at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your loan application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most often take place at a title company or escrow office and should be a smooth and peaceful affair.
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, make sure you contact me at 334-347-7971 or send me an e-mail.
