With some planning ahead of time, buying a home isn't all that confusing, but the event can be stressful for a lot of people. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the entire deal. Below are my nine steps to purchasing a home.
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Step 1 – Get ready to buy a home
There are a lot of things you'll want to take into account prior to commencing your home search. When you start your search, you'll want to create a checklist of features you want to have, get an idea of what neighborhoods you want to live in, and start planning around your budget. Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent
This is where I come in. I'd be more than happy to book a time to meet with you and talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, school districts in the Longview area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I'll also help you begin the loan process. There are some great mortgage professionals in Longview, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin looking for available houses on the market that are a great fit for you. I'll research many of the houses and exclude the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we view homes, I'll identify good features and bad ones. I'll even ask you to talk about things you like and dislike. It's common for buyers to revise their list of must-haves as we tour houses and some items become far more necessary than others. If that's the situation, I'll go back through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
Your agent's understanding of the Longview housing market is a leading component in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I'll let you know certain districts are "hot" and warrant prompt action and the ones that are "cold" and allow for more analysis.
When we tour houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be mindful and be sure to ask plenty of questions, as every REALTOR® will tell you they truly know the housing market. If it appears they don't know everything, contact me at (903) 704-4274 or e-mail me at email@example.com, and I'd be happy to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream house in the Longview area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as getting financing, finishing the inspection, and a clean title.
When we send in your offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's very common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Get a loan
After the deal is finalized, you'll begin working with your mortgage lender to close the loan. This shouldn't be a long process at all if you're pre-qualified, but you need to keep 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) outlining your closing costs from your lender within three days of taking your loan application. This estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at (903) 704-4274 or send me an e-mail.