Buying a home is a stressful event for most people. However, with a bit of planning ahead of time, it isn't too complex.
So you'll know exactly what to expect, I like to give my buyers an outline of the whole deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to sharron@sharronLenox.com. I'm happy to answer any questions you have about this information.
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Step 1 – Get ready to buy
Before you begin your home search, there are many things you need to take into account.
When you begin your search, you'll probably want to create an index of features you want, plan for what school districts and neighborhoods you want to live in, and begin planning around your budget.
A good guideline to follow is that your mortgage payment should be no more than 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent
That's where I come in.
I'd like to set up a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Rolla area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some great mortgage professionals in Rolla, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we view houses, I'll call attention to good features and negative ones. I'll also ask you to point out what things you like and don't like.
Generally, buyers revise their wish list as we tour homes and some items become more essential than others.
If such is the case, I'll look through the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a feel for the market
My knowledge of the Rolla home market is an essential benefit in your home search. I'm informed of all the schools and neighborhoods, and I'll let you know certain districts are "hot" and demand immediate action and some that are "cool" and allow for careful consideration.
When we tour homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® will convince you they truly understand the home market, but take notice, and be sure to ask your agent lots of questions.
If it doesn't seem like they know everything, contact me at 5733419494 or e-mail me at sharron@sharronLenox.com, and I'll be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream home in the Rolla area. When we do, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is typically applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Get your loan
Once the deal is finished, you'll start working with your lender to close the loan.
This won't be a long process at all if you've been pre-approved, but you'll want to keep in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 5733419494 or send me an e-mail.