Buying a home can be stressful for a lot of people. However, with some planning ahead of time, it isn't too complex.
So you understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Here are my nine steps to buying a home.
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Should you have any questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at twolanes@twolanes.com.
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Step 1 – Prepare to buy a home
Before you start your home search, there are many things you should contemplate.
When you start your search, you'll probably want to form a checklist of must-have features, get a plan of what neighborhoods you want to live in, and begin planning your budget.
A good rule to go by is that your mortgage payment should be less than 30 percent of your monthly income.
Step 2 – Contact a real estate agent in Flagler Beach, Palm Coast, Beachside
This is where I can help.
We can set up a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Flagler Beach, Palm Coast, Beachside area.
In addition, I'll help you start the loan process.
Ben & Marie Lane, Watson Realty Corp. works with some of the finest mortgage professionals in Flagler Beach, Palm Coast, Beachside, so you'll be in great hands.
They can assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
Following our initial meeting, I'll begin finding homes on the market that are great for you.
I'll research most of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes when 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.
Oftentimes, buyers update their list of must-haves as we view homes and some features become more crucial than others.
If that happens, I'll search all the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
My knowledge of the Flagler Beach, Palm Coast, Beachside home market is a fundamental resource in your house search. I am acquainted with all the school districts and neighborhoods, and I'll communicate what districts are "hot" and require prompt action and others that are "cool" and allow for more analysis.
When we view houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Any real estate agent in Flagler Beach, Palm Coast, Beachside will claim to truly understand the home market.
If things don't add up, call me at 386-931-8531 or e-mail me at twolanes@twolanes.com, and I'll be glad to answer your questions. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find the house of your dreams in Flagler Beach, Palm Coast, Beachside, and when that happens, I'll precisely create your purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Secure a loan
Upon finalizing the deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take much time at all. However, you'll need to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs 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 loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount. RESPA requirements order that it has to contain 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 permissible.
Then we'll close on your house. This will likely occur at a title company or escrow office and will probably be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 386-931-8531 or send me an e-mail.
