For most people, purchasing a home is a stressful event. However, with some planning ahead of time, it's not very hard.
So you'll understand exactly what to expect, I like to supply my buyers with an outline of the whole deal.
Below are my nine steps to purchasing a home.
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If you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at bobseiders@yahoo.com.
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Step 1 – Prepare to buy a home
There are many things you need to take into account before you start searching for a home.
When you start your search, you'll probably want to assemble a checklist of features you need to have, get a feel for what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good guideline to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Port Orange area.
I can also assist you in getting started on your loan.
There are some excellent mortgage professionals in Port Orange, and I work with a lot of them, so you'll be in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll begin finding houses on the market that are a good fit for you.
I'll research most of the houses and remove the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
When we view the houses, I'll show you the good features and negative ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to update their wish list as we view homes and some items become more necessary than others.
If that happens, I'll look through the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
An agent's awareness of the Port Orange market is a necessary element in your home search. And I can assure you I'm familiar with all the schools and neighborhoods, and I'll let you know which areas are "hot" and demand prompt action and others that are "cold" and allow for more examination.
As we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent will tell you they know the housing market, but be on guard, and make sure you ask plenty of questions.
If things don't add up, just call me at 3863107950 or e-mail me at bobseiders@yahoo.com, and I'll be happy to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I know we'll find your dream home in the Port Orange area, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we turn in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property and is typically applied to the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Get your loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
It won't take much time at all if you're pre-approved, but you'll want to keep in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your application.
This estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely happen at a title company or escrow office and should be a smooth and pleasant affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 3863107950 or send me an e-mail.