Buying a home intimidates most people, but it's not very difficult with some planning ahead of time.
So you'll know exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
These are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you commence your home search, there are several things you should do.
It's likely that you'll want to create an outline of features you want to have, get a feeling for what school districts and 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 go by.
Step 2 – Contact a real estate agent in Marathon
This is where I can help.
I'd love to plan a time to meet with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Marathon area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
There are some excellent mortgage professionals in Marathon, and I work with a lot of them, so you'll be in great hands.
They will assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start looking for houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
When we view the homes, I'll call attention to good features, as well as bad ones. I'll even ask you to point out what things you like and don't like.
Frequently, buyers amend their must-have list as we view houses and some items become more necessary than others.
If that happens, I'll search all the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Understand the market
An agent's knowledge of the Marathon housing market is a crucial factor in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I'll alert you to which districts are "hot" and require immediate action and others that are "cool" and allow for more consideration.
When we tour houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any REALTOR® in Marathon will tell you they know the home market.
If it doesn't seem like they know everything, call me at 607-849-4529 or e-mail me at lanny@ucpalmerrealestate.com, and I'll be glad to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream house in the Marathon area. When we do, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
Upon submitting your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's usually applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market will play a part in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get a loan
Once we sign the final contract, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't take much time at all. However, you need to keep in close contact with your mortgage lender.
And I'll deal with 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 your closing costs from your lender within three days of getting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and should be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 607-849-4529 or send me an e-mail.
