With a little planning ahead of time, purchasing a home isn't too hard, but the event intimidates a lot of people.
I like to provide buyers with a road map of the entire deal so they'll understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are many things you need to contemplate before commencing your home search.
You'll probably want to put together a list of items you need to have, plan for what school districts you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent
This is where Cheryl Talbot , ABR, GRI,e-PRO,SFR comes in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Virginia Beach area.
I can also help you get started on your loan.
Cheryl Talbot , ABR, GRI,e-PRO,SFR partners with some of Virginia Beach's finest mortgage professionals, so you're in great hands.
They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin your home search
Following our initial meeting, I'll begin finding houses on the market that suit your needs.
I'll preview many of the houses and remove the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour houses, I'll call attention to good features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
Generally, buyers revise their wish list as we tour homes and some features become more substantial than others.
If that's the situation, I'll go back through all the listings again and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Virginia Beach market is an imperative agent in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I will let you know which areas are "hot" and warrant prompt action and some that are "cold" and allow for more consideration.
When we tour homes, I'll let you know when the list price has room for negotiation and when I trust the house is "priced to sell."
Every REALTOR® will convince you they truly understand the home market, but be careful, and make sure you ask lots of questions.
If it appears they don't know everything, just call me at 757-478-1167 or e-mail me at email@example.com, and I'll be happy to answer any questions you have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in the Virginia Beach area, and when we do, I'll carefully develop your home purchase offer. The offer will be written to suit your needs. 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 sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is usually applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's pretty common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Get your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
This won't take long at all if you're already pre-approved, but 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
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. 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 based on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will most likely be a smooth and relaxed occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 757-478-1167 or send me an e-mail.