Buying a home is a stressful event for a lot of people, but with some up-front planning, it isn't very hard. I like to furnish buyers with an outline of the whole deal so they know exactly what to expect. Below are my nine steps to purchasing a home.
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Should you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at info@realestate77.com. |
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Step 1 – Prepare to purchase a home
Before you start looking for a home, there are many things you'll want to do. It's likely that you'll want to form a check list of features you need to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning around your budget. Keeping your mortgage payment around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Communicate with a real estate agent
This is where I come in. We'll set up a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss everything from neighborhoods, school districts in the Rochester area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I'll also assist you with getting started on your loan. Phillips Property Group partners with some of Rochester's best mortgage professionals, so you can rest assured that you're in great hands. They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll start finding available homes on the market that are great for you. I'll research most of the homes and remove the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
As we tour houses, I'll point out good features and negative ones. I'll even ask you to tell us about things you like and dislike. It's pretty common for buyers to change their list of must-haves as we view houses and some features become more important than others. If that's the situation, I'll look through all the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My understanding of the Rochester housing market is a valuable advantage in your search. I'm mindful of all the school districts and neighborhoods, and I'll alert you to some areas are "hot" and call for immediate action and others that are "cold" and allow for more examination.
As we tour houses, I'll let you know when the seller's list price has room for negotiation and when I know the house is "priced to sell." Be careful and be sure to ask your agent a lot of questions, as every REALTOR® will tell you they comprehend the market. If things don't add up, just call me at 5072859400 or e-mail me at andy@realestate77.com, and I'll be more than happy to answer your questions. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I know we'll find your dream house in Rochester. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When we present your offer, you'll probably want to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property and is often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer. It's widely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the deal. We'll also work within your financing constraints. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan. It shouldn't take very long at all if you've been pre-approved, but you'll want to stay in close contact with your mortgage lender. And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application. This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most likely be a smooth and relaxed occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at (507) 722-1635 or send me an e-mail.
