For most people, buying a home can be a stressful event. But with a bit of up-front planning, it isn't all that complex. I like to furnish buyers with a road map of the whole deal so they'll understand exactly what to expect. These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are several things you'll want to contemplate prior to beginning your home search. You'll most likely want to create a check list of features you need, plan for what school districts and neighborhoods you want to live in, and start working on your budget. A good principle to adhere to is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Argyle
That's where I can help. I'd like to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Argyle area.
I'll also assist you with getting started on your loan. I partner with some of the best mortgage professionals in Argyle, so you can rest assured that you're in great hands. They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start finding available houses on the market that meet your needs. I'll get a sneak peek of many of the houses and exclude the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. I'll also ask you about things you like and dislike. Usually, buyers revise their must-have list as we view homes and some features become more essential than others. If that's the case, I'll look through all the listings once more and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
My knowledge of the Argyle market is a fundamental resource in your house search. I am mindful of all the school districts and neighborhoods, and I'll alert you to what districts are "hot" and call for prompt action and some that are "cool" and allow for more examination.
As we view homes, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I trust the house is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions. Any real estate agent will convince you they understand the housing market. If things don't add up, call me at 940-243-0527 or e-mail me at propertyrequest@xlrealty.net, and I'd be glad to answer any questions you might have. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I know we'll find the home of your dreams in the Argyle area. When we do, I'll precisely develop your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are obtaining financing, finishing the home inspection, and a clean title.
Upon presenting your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Obtain financing
After the deal is finished, you'll begin working with your lender to close the loan. If you're already pre-qualified, it shouldn't take long at all. However, you'll want to keep in close contact with your lender. And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your application. This estimate rests on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and peaceful affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at 940-243-0527 or send me an e-mail.
