With a little up-front planning, purchasing a home isn't very complicated, but the event can be stressful for many people.
I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are several things you need to contemplate before commencing your home search.
You'll probably want to make a list of items you want, get a feel for what neighborhoods and school districts you'd like to live in, and start planning your budget.
A good rule of thumb to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Cambridge
This is where I come in.
I'd like to plan a time to get together with you and talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Cambridge area.
I'll also help you start the loan process.
RE/MAX Real Estate Partners partners with some of Cambridge's best mortgage professionals, so you'll be in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After our initial meeting, I'll start searching for homes on the market that are a good fit for you.
I'll get a sneak peek of most of the homes and ignore the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
As we view the homes, I'll point out positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we tour homes and some things become more important than others.
If such is the case, I'll look through all the listings another time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
My knowledge of the Cambridge housing market is an indispensable benefit in your house search. I am acquainted with all the schools and neighborhoods, and I will alert you to some districts are "hot" and require prompt action and others that are "cool" and allow for careful consideration.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I think the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as any real estate agent in Cambridge will tell you they understand the housing market.
If things don't add up, call me at 740-435-0003 or e-mail me at agents@realestatepartners.org, and I'd be more than happy to answer any questions you have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the house of your dreams in the Cambridge area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon sending in your offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is often put towards the cost of closing. If the seller accepts the 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
Most deals don't close on the beginning offer – it's pretty common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing limits. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, this won't take much time at all. But you'll need to keep in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 740-435-0003 or send me an e-mail.
