With a little planning ahead of time, buying a home isn't that hard, but the event is stressful for a lot of people.
I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
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Should you have questions about this information or if you're ready to get started, just contact me here or e-mail me at twolanes@twolanes.com.
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Step 1 – Prepare to buy
There are many things you'll want to take into account before starting your home search.
You'll want to form a checklist of features you want to have, get a feel for what school districts you'd like to live in, and begin planning your budget.
A good principle to go by is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Contact a real estate agent
This is where Ben & Marie Lane, Watson Realty Corp. can help.
I'd like to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Flagler Beach, Palm Coast, Beachside area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
I can also help you facilitate the loan process.
Ben & Marie Lane, Watson Realty Corp. partners with some of the best mortgage professionals in Flagler Beach, Palm Coast, Beachside, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
Following our first meeting, I'll begin looking for available houses on the market that meet your needs.
I'll preview most of the houses and reject the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
As we tour the homes, I'll call attention to positive features, as well as bad ones. I'll even ask you to tell us about things you like and don't like.
It's widely common for buyers to revise their list of must-haves as we view houses and some things become more important than others.
If that's the situation, I'll go back through the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's awareness of the Flagler Beach, Palm Coast, Beachside market is an essential element in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I'll communicate what areas are "hot" and call for immediate action and others that are "cold" and allow for more examination.
When we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Any real estate agent will tell you they understand the housing market, but take note, and make sure you ask your agent lots of questions.
If it seems like they don't know everything, contact me at 386-931-8531 or e-mail me at twolanes@twolanes.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 throughout the entire deal.
Step 5 – Find your dream home
I know we'll find the house of your dreams in Flagler Beach, Palm Coast, Beachside. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When we present your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Get financing
Upon completion of the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't be a long process at all, but you'll want to stay 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 send you a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your application.
The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at 386-931-8531 or send me an e-mail.
