With a little up-front planning, buying a home isn't all that difficult, but the event is intimidating for a lot of people. I strive to provide buyers with a detailed plan of the buying or selling process so they'll understand exactly what they can expect. Here are my nine steps to buying a home.
Step 1 – Get ready to buy a home
There are several things you need to do before you look for a home. When you begin your search, you'll want to create a list of items you need in a home, get a feeling for what neighborhoods and school districts you want to live in and start working on your budget. Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent who serves Central Indiana.
This is where I can help. We can plan a consultation appointment so we can talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the area you've chosen, the mortgage industry, and any additional economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan. I have a list of knowledgeable mortgage professionals I can refer you to. Having established a working relationship with them you can rest assured that you're in great hands. They'll assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After we meet for the first time, I'll start searching for available homes on the market that meet the criteria you've established. We'll schedule appointments to tour the homes at a time that's convenient for you.
When we view the houses, I'll ask you to point out what things you like and dislike. Usually, buyers revise their list of must-haves as we view homes and some items become more substantial than others. If that's the case, we'll look through all the listings another time and trim it down to the house you've identified as the best fit for you.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the local housing market is an essential element in your home search. Working as a real estate professional in the area keeps me abreast of developing real estate market issues.
As we view homes, we'll begin to formulate a buying strategy which we'll put into place when we find the right home for you. I'm a phone call or click away at 317-691-2900 or firstname.lastname@example.org, and I'll be glad to answer any questions you might have. My market expertise will help you stay a step ahead of the rest throughout the entire transaction.
Step 5 – Find the home you've been looking for
I know we'll find your dream home. When that happens, we'll formulate your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When we send in your offer, you'll need to present"earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer so it's really common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Secure a loan
Upon acceptance of your offer you'll begin working with your lender to close the loan. Since you'll already be pre-approved, it shouldn't take much time at all. But you'll want to stay in close contact with your lender. I'll work closely with your lender to provide the information needed to close the transaction.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy. Then it's time to close on your house. This should take place at a title company or escrow office and will likely be a smooth and relaxing occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 317-691-2900 or email@example.com.