Buying a home is an intimidating event for most people. However, with some up-front planning, it's not that complicated.
I like to supply buyers with an overview of the whole deal so they understand exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are several things you need to do before you start searching for a home.
When you start your search, you'll want to create an outline of items you need to have, plan for what school districts and neighborhoods you want to live in, and start planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent in Clinton
That's where I can help.
I'd be happy to plan a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Clinton area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I'll also help you begin the loan process.
I partner with some of the best mortgage professionals in Clinton, so you'll be in great hands.
They'll assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
Following our initial meeting, I'll begin looking for homes on the market that best suit you.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
As we tour homes, I'll point out positive features and negative ones. I'll also ask you to point out what things you like and don't like.
It's pretty common for buyers to amend their must-have list as we tour houses and some items become more important than others.
If that's the situation, I'll look through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
Your agent's understanding of the Clinton market is a fundamental component in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I can alert you to some neighborhoods are "hot" and require prompt action and some that are "cold" and allow for careful consideration.
As we tour homes, I'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as any REALTOR® in Clinton will claim to truly know the market.
If things don't add up, call me at 910-592-2103 or e-mail me at fbutler@butlerfairclothrealtors.com, and I'd 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 you've been looking for
I'm positive we'll find your dream home in the Clinton area. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as getting financing, finishing the inspection, and a clear title.
Upon sending in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
After the contract is finalized, you'll begin working with your lender to close the loan.
If you've been pre-approved, this shouldn't be a long process at all. But you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most likely be a smooth and hassle-free occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 910-592-2103 or send me an e-mail.
