Purchasing a home is a stressful event for a lot of people. However, with a little planning ahead of time, it isn't very confusing.
So you'll understand exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Below 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 saraheden@comcast.net. I'm happy to address any questions you have about this information.
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Step 1 – Prepare to buy
Before you commence your home search, there are several things you need to take into account.
You'll probably want to assemble an outline of items you need to have, plan for what neighborhoods you want to live in, and begin working on your budget.
A good rule of thumb 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
This is where I can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Tallahassee area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in Tallahassee, and I work with a lot of them, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
Following our first meeting, I'll begin searching for available houses on the market that best suit you.
I'll get a sneak peek of most of the homes and throw out the bad ones, and then we'll book appointments to view the homes when it's most convenient for you.
As we view the houses, I'll point out positive features and bad ones. I'll even ask you about things you like and dislike.
It's pretty common for buyers to revise their must-have list as we tour houses and some things become far more crucial than others.
If such is the case, I'll look through the listings again and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
My understanding of the Tallahassee housing market is a necessary resource in your search. I am informed of all the neighborhoods and schools, and I can communicate certain neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for more examination.
When we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as every real estate agent in Tallahassee will claim to understand the housing market.
If things don't add up, call me at 850-222-3075 or e-mail me at saraheden@comcast.net, and I'd be glad to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm sure we'll find the home of your dreams in Tallahassee, and when we do, I'll carefully create your purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon turning in your offer, you'll probably want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's usually put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer, and it's very common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Secure financing
Upon finalizing the deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you need to keep in close contact with your mortgage lender.
And I'll deal with 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 mortgage lender within three days of getting your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and relaxed affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at 850-222-3075 or send me an e-mail.
