Buying a home intimidates a lot of people, but with a bit of planning ahead of time, it isn't too complex. I like to supply buyers with an outline of the whole deal so they'll understand exactly what they can expect. Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to boballwine@remax.net. I'm glad to answer any questions you have about this information. |
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Step 1 – Get ready to buy a home
There are several things you should take into account before starting your home search. When you start your search, you'll want to put together a list of items you want, get a plan of what school districts and neighborhoods you want to live in, and start planning your budget. Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent
That's where I come in. I'd be more than happy to book a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the Novi area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you begin the loan process. There are some great mortgage professionals in Novi, and I work with a lot of them, so you'll be in great hands. They can assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start looking for available homes on the market that best suit you. I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we tour houses, I'll point out good features and negative ones. And I'll ask you about things you like and dislike. Most often, buyers amend their wish list as we view homes and some features become far more important than others. If such is the case, I'll go back through the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Novi market is an essential factor in your house search. And I can assure you I'm familiar with all the schools and neighborhoods, and I can let you know what areas are "hot" and demand prompt action and others that are "cool" and allow for careful consideration.
When we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." Every real estate agent will claim to comprehend the market, but be careful, and be sure to ask your agent lots of questions. If things don't add up, just call me at 2483483300 or e-mail me at , and I'll be happy to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find your dream home in Novi. When that happens, I'll meticulously create your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is most often applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer – it's very common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a role in how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your lender to close the loan. If you're already pre-qualified, this shouldn't take much time at all, but you'll want to stay in close contact with your lender. And I'll handle 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) of closing costs from your lender within three days of receiving your loan application. This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and hassle-free affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at 2483483300 or send me an e-mail.
