With some up-front planning, buying a home isn't that complex, but the event is intimidating for many people.
I like to provide buyers with an outline of the whole deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
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If you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at ares4747@aol.com.
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Step 1 – Prepare to purchase
There are many things you need to take into account prior to beginning your home search.
You'll probably want to make a check list of features you want to have, plan for what neighborhoods you want to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Talk to a real estate agent in MATTESON
That's where I come in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the MATTESON area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I can also help you start the loan process.
There are some great mortgage professionals in MATTESON, and I work with a lot of them, so you're in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After our first meeting, I'll begin looking for available homes on the market that best suit you.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we view the houses, I'll show you the positive features and bad ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to amend their wish list as we tour homes and some items become far more essential than others.
If that's the situation, I'll go back through the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's knowledge of the MATTESON housing market is a necessary aspect in your house search. And I assure you I'm familiar with all the neighborhoods and school districts, and I can communicate certain districts are "hot" and demand immediate action and some that are "cold" and allow for thoughtful consideration.
When we tour houses, I'll make sure to communicate when the asking price has room for bargaining and when I trust the home is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions, as any REALTOR® will tell you they understand the home market.
If it doesn't seem like they know everything, call me at 708 679 9300 or e-mail me at ares4747@aol.com, and I'll be more than happy to answer your questions. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in the MATTESON area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
When we send in your offer, you'll likely want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer – it's very common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Get your loan
After the deal is finalized, you'll begin working with your lender to close the loan.
It won't be a long process at all if you're pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and should be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at 708 679 9300 or send me an e-mail.