Purchasing a home is intimidating for many people, but with a little planning ahead of time, it isn't very hard.
So you'll know exactly what to expect, I like to give my buyers an outline of the whole deal.
Here are my nine steps to purchasing a home.
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If you have questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at daled.barr@verizon.net.
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Step 1 – Get ready to purchase
There are many things you should take into account before beginning your home search.
It's likely that you'll want to put together a checklist of items you want, get a plan of what neighborhoods you want to live in, and start planning your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd love to plan a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Montclair area.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Montclair, and I work with a lot of them, so you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After our initial meeting, I'll begin searching for homes on the market that are a good fit for you.
I'll research most of the houses and reject the bad ones, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we tour homes, I'll identify good features, as well as negative ones. And I'll ask you to tell us about things you like and don't like.
Frequently, buyers amend their list of must-haves as we view homes and some things become far more important than others.
If that happens, I'll search all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
My awareness of the Montclair housing market is a crucial benefit in your search. I am mindful of all the school districts and neighborhoods, and I can alert you to what neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for more analysis.
When we view houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
Every REALTOR® will claim to know the home market, but keep an eye out, and make sure you ask lots of questions.
If it doesn't seem like they know everything, contact me at (703) 730-2272 or e-mail me at daled.barr@verizon.net, and I'd be more than happy to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams in Montclair, and when that happens, I'll precisely create 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 acquiring financing and the results of the home inspection.
Upon sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If the seller accepts your offer, 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
Most contracts don't close on the initial offer – it's very common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain a loan
Upon completion of the contract, you'll begin working with your lender to close the loan.
It won't be a long process at all if you've been pre-qualified, but you need to keep in close contact with your lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting 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 narrow range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and will likely be a smooth and stress-free 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 contact me at (703) 730-2272 or send me an e-mail.
