Purchasing a home can be stressful for a lot of people, but with a little planning ahead of time, it's not that confusing.
I like to give buyers an outline of the whole deal so they know exactly what they can expect.
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 realtoririna@yahoo.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Prepare to buy
There are plenty of things you'll want to take into account prior to commencing your home search.
When you begin your search, you'll want to put together a checklist of items you need to have, get a feel for what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to a third of your monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent
That's where I come in.
We can 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 discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the SOUTH JERSEY area.
In addition, I'll assist you with getting started on your loan.
I work with some of SOUTH JERSEY's best mortgage professionals, so you'll be in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll begin finding available houses on the market that suit your needs.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to view the houses at a time that's convenient for you.
As we view the homes, I'll show you the positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Generally, buyers revise their must-have list as we tour houses and some features become more important than others.
If that's the case, I'll go back through the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's understanding of the SOUTH JERSEY market is a fundamental element in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I can alert you to certain areas are "hot" and require immediate action and the ones that are "cool" and allow for careful examination.
As we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Any REALTOR® will tell you they comprehend the home market.
If things don't add up, just call me at (609) 332-8409 or e-mail me at realtoririna@yahoo.com, and I'll be happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream house in the SOUTH JERSEY area. When we do, I'll carefully develop your purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, completing the inspection, and a clear title.
When turning in your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is usually put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain your loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all, but you'll need to stay 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 mortgage lender will give you a Good Faith Estimate (GFE) of closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will likely happen at a title company or escrow office and will probably be a smooth and relaxed affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, make sure you contact me at (609) 332-8409 or send me an e-mail.
