Are you contemplating buying your home in Elizabethtown?
Purchasing a home is a stressful event for many people, but with a bit of up-front planning, it isn't very difficult. So you know exactly what to expect, I like to give my buyers an outline of the whole deal. Here are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are many things you'll want to contemplate before commencing your home search. You'll most likely want to make a check list of must-haves, plan for what neighborhoods and school districts you want to live in, and start working on your budget. A good guideline to go by is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where I can help. I'd be more than happy to arrange a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Elizabethtown area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
I'll also help you get started on your loan. I work with some of Elizabethtown's best mortgage professionals, so you'll be in great hands. They'll assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start house hunting
Following our initial meeting, I'll start finding available homes on the market that best suit you. I'll get a sneak peek of most of the houses and exclude the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the houses, I'll call attention to positive features, as well as negative ones. And I'll ask you about things you like and dislike. Most often, buyers revise their must-have list as we tour houses and some things become far more essential than others. If that's the situation, I'll look through all the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
My knowledge of the Elizabethtown market is a fundamental asset in your home search. I am informed of all the school districts and neighborhoods, and I will let you know what districts are "hot" and warrant immediate action and the others that are "cool" and allow for careful examination.
When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell." Be on guard and make sure you ask a lot of questions, as every REALTOR® will claim to truly understand the housing market. If it doesn't seem like they know everything, call me at 270-765-3999 or e-mail me at email@example.com, and I'd be happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in the Elizabethtown area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property and is most often put towards the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the initial offer. It's really common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your lender to close the loan. It shouldn't take much time at all if you've been pre-approved, but you'll need to stay in close contact with your lender. And I'll look after all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This should take place at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 270-765-3999 or send me an e-mail.