For a lot of people, buying a home can be a stressful event. But with a little up-front planning, it's not all that complex. So you understand exactly what to expect, I like to furnish my buyers with an overview of the entire deal. Below are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to carmen@priolarealty.com. I'm happy to answer questions you have regarding this information. |
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Step 1 – Get ready to purchase a home
There are several things you'll want to take into account before you start looking for a home. When you begin your search, you'll probably want to make a list of must-haves, get a feel for what neighborhoods and school districts you want to live in, and start working on your budget. Ensuring your mortgage payment is around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent
This is where Priola Realty Company comes in. I'd be more than happy to arrange a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the local area.
I'll also help you get started on your loan. I work with some of the best mortgage professionals, so you'll be in great hands. They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After we meet, I'll start looking for available houses on the market that are a great fit for you. I'll preview most of the homes and exclude the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we tour homes, I'll identify good features and bad ones. I'll even ask you to point out what things you like and dislike. It's widely common for buyers to update their must-have list as we view homes and some features become far more important than others. If that's the case, I'll look through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Understand the market
My awareness of the local home market is a crucial resource in your house search. I am familiar with all the neighborhoods and schools, and I will communicate certain neighborhoods are "hot" and require immediate action and others that are "cool" and allow for more consideration.
As we view homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I know the house is "priced to sell." Every REALTOR® will claim to understand the market, but be wary, and make sure you ask your agent plenty of questions. If things don't add up, contact me at (337)855-7776 or e-mail me at carmen@priolarealty.com, and I'd be glad to answer any questions you may have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
We'll find the home of your dreams, and when that happens, I'll precisely create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property. The amount is 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 necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer – it's really common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take long at all. However, you'll need to keep 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
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your loan application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will probably happen at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (337)855-7776 or send me an e-mail.
