With a little planning ahead of time, buying a home isn't all that complex, but the event can be stressful for a lot of people.
I like to provide buyers with an outline of the entire deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
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Should you have questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at carlsalinas@yahoo.com.
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Step 1 – Get ready to purchase
Before you begin looking for a home, there are plenty of things you need to contemplate.
When you start your search, you'll probably want to assemble an outline of features you want, get a feeling for what school districts and neighborhoods you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Berwyn area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
PAV REALTORS partners with some of the finest mortgage professionals in Berwyn, so you can rest assured that you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll begin looking for houses on the market that suit your needs.
I'll preview most of the homes and exclude the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we view homes, I'll identify good features, as well as negative ones. I'll also ask you what things you like and dislike.
It's widely common for buyers to amend their must-have list as we tour homes and some items become far more substantial than others.
If that's the case, I'll go back through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
An agent's understanding of the Berwyn housing market is a crucial component in your home search. And I assure you I'm conscious of all the neighborhoods and school districts, and I'll let you know what areas are "hot" and require immediate action and others that are "cool" and allow for thoughtful consideration.
When we view houses, I'll be sure to tell you when the list price has room for negotiation and when I know the home is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Every real estate agent will claim to know the housing market.
If things don't add up, contact me at 708-795-7100 or e-mail me at carlsalinas@yahoo.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in Berwyn. When that happens, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is usually applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer. It's extremely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to agree to 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 contract.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Get financing
Once the deal is signed, you'll start working with your mortgage lender to close the loan.
It shouldn't be a long process at all if you're already 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 needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your application.
This estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy. I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and comfortable affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 708-795-7100 or send me an e-mail.
