For many people, buying a home can be a stressful event. But with some planning ahead of time, it isn't that complex.
I like to furnish buyers with an overview of the entire deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
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Should you have any questions regarding this information or if you're ready to get started, just contact me here or e-mail me at rbelow@caroljones.com.
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Step 1 – Get ready to buy a home
There are many things you'll want to contemplate before starting your home search.
When you start your search, you'll probably want to assemble a list of features you want to have, get an idea of what neighborhoods you want to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent in Springfield
This is where Carol Jones Realtors comes in.
I'd be happy to plan a time to meet with you and talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Springfield area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I can also help you get started on your loan.
There are some very good mortgage professionals in Springfield, and I partner with a lot of them, so you're in great hands.
They will help you decide which type 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 looking for houses on the market that are a great fit for you.
I'll preview most of the homes and eliminate the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
As we view the homes, I'll identify good features, as well as bad ones. I'll even ask you to tell us about things you like and dislike.
As a rule, buyers change their must-have list as we view houses and some features become far more essential than others.
If that's the case, I'll go back through the listings again and narrow it down to the home you've been wishing for.
Step 4 – Know the market
An agent's knowledge of the Springfield home market is an essential factor in your home search. And I assure you I'm mindful of all the neighborhoods and schools, and I can alert you to what areas are "hot" and require immediate action and some that are "cold" and allow for more consideration.
When we view houses, I'll make sure to communicate when the seller's asking price has room for bargaining and also when I trust the home is "priced to sell."
Every REALTOR® will tell you they truly know the home market, but keep an eye out, and make sure you ask your agent lots of questions.
If it doesn't seem like they know everything, just call me at 4178886639 or e-mail me at rbelow@caroljones.com, and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm sure we'll find the home of your dreams in the Springfield area. When we do, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as acquiring financing, completing the inspection, and a clear title.
When we present your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and 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 don't close on the initial offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
It shouldn't take very long at all if you're pre-approved, but you need to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most often be a smooth and comfortable affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 4178886639 or send me an e-mail.
