Buying a home is stressful for many people, but it isn't that difficult with some planning ahead of time. So you'll know exactly what to expect, I like to supply my buyers with a road map of the entire deal. Here are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you start looking for a home, there are a lot of things you should take into account. When you start your search, you'll want to make a checklist of must-haves, get a plan of what neighborhoods you want to live in, and start working on your budget. Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good guideline to go by.
Step 2 – Talk to a real estate agent
This is where RE/MAX Classic comes in. I'd be more than happy to set up a time to get together with you and communicate with you about why you want to buy a home and get an idea of your future plans. We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Canton area.
I can also help you begin the loan process. There are some great mortgage professionals in Canton, and I work with a lot of them, so you're in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet for the first time, I'll start looking for available homes on the market that meet your needs. I'll preview most of the homes and reject the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view the houses, I'll point out positive features and negative ones. I'll also ask you what things you like and don't like. For the most part, buyers amend their wish list as we view houses and some items become more substantial than others. If that happens, I'll search all the listings again and narrow it down to the house of your dreams.
Step 4 – Understand the market
Your agent's understanding of the current market is an essential aspect in your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I will communicate what areas are "hot" and require prompt action and some that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell." Any real estate agent in Canton will convince you they truly know the home market, but keep an eye out, and be sure to ask your agent plenty of questions. If things don't add up, just call me at 734-459-1010 or e-mail me at email@example.com, and I'd be glad to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find your dream home in Canton, and when we do, I'll meticulously create your real estate purchase offer. The offer will be tailored 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.
When turning in your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's most often put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer, and it's extremely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Obtain your loan
Once the deal is signed, you'll start working with your lender to close the loan. This shouldn't take much time at all if you're pre-approved, but you need to stay in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application. This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will likely happen at a title company or escrow office and should be a smooth and peaceful event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 734-634-1600 or send me an e-mail.