Purchasing a home is stressful for many people, but with a little planning ahead of time, it isn't very complicated.
I like to provide buyers with an overview of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy
Before you begin your home search, there are a lot of things you need to contemplate.
When you start your search, you'll want to assemble a list of items you want to have, get an idea of what neighborhoods and school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to a third of your monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent
This is where I can help.
I'd be happy to book a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the hagerstown area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
I partner with some of hagerstown's finest mortgage professionals, so you're in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start looking
After our initial meeting, I'll begin searching for available homes on the market that suit your needs.
I'll research many of the houses and eliminate the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we view homes, I'll point out positive features, as well as negative ones. I'll even ask you what things you like and dislike.
Usually, buyers amend their must-have list as we view houses and some items become far more important than others.
If that's the situation, I'll go back through all the listings once more and trim it down to the house of your dreams.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the hagerstown market is a fundamental agent in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I can alert you to what areas are "hot" and call for prompt action and the ones that are "cool" and allow for more examination.
As we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Any REALTOR® in hagerstown will convince you they truly understand the home market, but take notice, and be sure to ask your agent a lot of questions.
If it appears they don't know everything, contact me at 301-393-5707 or e-mail me at judy4properties@aol.com, and I'll be happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find your dream house
I'm sure we'll find your dream house in the hagerstown area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, finishing the inspection, and a clean title.
When we send in your offer, you'll need to present "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer, and it's widely common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to take the counter offer, submit 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 contract.
We'll also work within your budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure financing
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't take very long at all. But you need to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and relaxed event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 301-393-5707 or send me an e-mail.
