With a little planning ahead of time, buying a home isn't too confusing, but the event is stressful for a lot of people.
I like to give buyers an overview of the entire deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are a lot of things you should take into account before commencing your home search.
When you begin your search, you'll want to form an outline of items you want, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent
This is where I come in.
I'd be more than happy to schedule a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Largo area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
I partner with some of the finest mortgage professionals in Largo, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll start searching for available houses on the market that suit your needs.
I'll research many of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view homes, I'll show you the good features and bad ones. I'll also ask you to tell us about things you like and dislike.
Usually, buyers amend their must-have list as we view houses and some features become more substantial than others.
If that happens, I'll search the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
My knowledge of the Largo home market is a crucial resource in your home search. I'm familiar with all the neighborhoods and schools, and I can communicate which districts are "hot" and call for prompt action and some that are "cool" and allow for cautiousness.
As we view houses, I'll let you know when the seller's asking price has room for bargaining and when 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 Largo will claim to comprehend the home market.
If it seems like they don't know everything, contact me at 727-596-6508 or e-mail me at shipwatchrealty@aol.com, and I'd be more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find the house of your dreams in Largo. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored with your needs in mind, including many contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.
Upon turning in your offer, you'll likely need to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property and is usually applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer. It's widely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't be a long process at all, but you need to stay in close contact with your lender.
And I'll look after all the property information your mortgage 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 application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 727-596-6508 or send me an e-mail.
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