Buying a home is a stressful event for most people. However, with a bit of planning ahead of time, it isn't very hard.
I like to give buyers a road map of the whole deal so they understand exactly what they can expect.
Here are my nine steps to buying a home.
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If you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at info@century21strayerhomes.com.
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Step 1 – Get ready to buy
There are plenty of things you should contemplate prior to starting your home search.
When you begin your search, you'll probably want to put together an outline of items you need to have, get an idea of what neighborhoods and school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in Ebensburg
This is where Century 21 Strayer & Associates Inc. comes in.
I'd like to set up a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Ebensburg area.
I'll also help you get started on your loan.
I work with some of Ebensburg's finest mortgage professionals, so you'll be in great hands.
They can assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll begin looking for available homes on the market that suit your needs.
I'll preview most of the houses and reject the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view the homes, I'll show you the good features and bad ones. And I'll ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their must-have list as we view houses and some things become more substantial than others.
If such is the case, I'll search all the listings again and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
My awareness of the Ebensburg home market is a fundamental asset in your home search. I am familiar with all the schools and neighborhoods, and I can alert you to what districts are "hot" and demand immediate action and some that are "cold" and allow for careful consideration.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
Be mindful and be sure to ask your agent lots of questions, as every real estate agent in Ebensburg will convince you they truly know the housing market.
If things don't add up, just call me at 814-472-4761 or e-mail me at info@century21strayerhomes.com, and I'll be glad to answer any questions you might have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
We'll find your dream home in Ebensburg, and when we do, I'll carefully develop your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When presenting your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the seller accepts the offer, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer. It's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Obtain financing
Once the deal is signed, you'll start working with your mortgage lender to close the loan.
This won't take very long at all if you're pre-approved, 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) of closing costs from your lender within three days of receiving your loan application.
The estimate is based on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will probably occur at a title company or escrow office and is often a smooth and calm occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 814-472-4761 or send me an e-mail.
