For many people, buying a home can be an intimidating event. But with some up-front planning, it isn't that difficult.
I like to provide buyers with an outline of the whole deal so they'll understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are a lot of things you'll want to consider before you start looking for a home.
When you begin your search, you'll want to form an index of items you need to have, plan for what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good rule of thumb to go by.
Step 2 – Get in touch with a real estate agent in SOUTH JERSEY
This is where I can help.
We'll schedule a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the SOUTH JERSEY area.
I can also assist you with getting started on your loan.
I partner with some of SOUTH JERSEY's best mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start your home search
After our first meeting, I'll begin looking for available homes on the market that best suit you.
I'll research most of the homes and reject the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the houses, I'll call attention to good features and negative ones. I'll even ask you to tell us about things you like and don't like.
It's widely common for buyers to amend their must-have list as we view homes and some things become far more crucial than others.
If such is the case, I'll search all the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the market
Your agent's awareness of the SOUTH JERSEY market is a leading agent in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I will let you know certain neighborhoods are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you when the list price has room for bargaining and also when I think the house is "priced to sell."
Be careful and make sure you ask your agent a lot of questions, as any REALTOR® in SOUTH JERSEY will convince you they comprehend the market.
If it seems like they don't know everything, call me at (609) 332-8409 or e-mail me at realtoririna@yahoo.com, and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in the SOUTH JERSEY area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping 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.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer – it's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Obtain financing
Upon completion of the contract, you'll begin working with your lender to close the loan.
If you're pre-qualified, it won't take very long at all, but you should to stay in close contact with your mortgage lender.
And I'll take care of 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 closing costs from your mortgage lender within three days of taking your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at (609) 332-8409 or send me an e-mail.
