Purchasing a home intimidates many people. However, with a little up-front planning, it's not very complicated. So you'll know exactly what to expect, I like to supply my buyers with an outline of the entire deal. Below are my nine steps to buying a home.
||If you have any questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at email@example.com.
Step 1 – Prepare to buy a home
There are several things you should do prior to starting your home search. You'll want to make a list of features you want, get an idea of what school districts and neighborhoods you'd like to live in, and start planning your budget. A good rule to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Talk to a real estate agent
This is where I can help. I'd be happy to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the Winter Park area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
I can also help you begin the loan process. There are some excellent mortgage professionals in Winter Park, and I work with a lot of them, so you'll be in great hands. They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin finding available homes on the market that are good for you. I'll research most of the houses and eliminate the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll show you the positive features, as well as bad ones. And I'll ask you to talk about things you like and dislike. As a rule, buyers change their list of must-haves as we view homes and some features become far more important than others. If that's the case, I'll look through the listings once again and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the market
An agent's awareness of the Winter Park market is a fundamental factor in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will alert you to certain districts are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
When we tour houses, I'll make sure to communicate when the asking price has room for bargaining and also when I think the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions, as every REALTOR® in Winter Park will claim to truly understand the market. If things don't add up, contact me at 407.629.6330 x399 or e-mail me at , and I'll be happy to answer your questions. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find the home of your dreams in the Winter Park area. When that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's often applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Secure a loan
Upon signing the contract, you'll begin working with your lender to close the loan. If you're pre-qualified, this won't take much time at all, but you'll want to stay in close contact with your lender. And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your application. The estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 407.924.7670 or send me an e-mail.
by David Welch