With a little up-front planning, purchasing a home isn't that confusing, but the event intimidates many people.
I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect.
These are my nine steps to purchasing a home.
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Should you have any questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at ed@larsen4homes.com.
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Step 1 – Get ready to buy
There are many things you should consider before you start searching for a home.
You'll probably want to put together a check list of features you want, get an idea of what neighborhoods you'd like to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in Strongsville
This is where I come in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Strongsville area, the mortgage industry, and any other economic factors that could affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some very good mortgage professionals in Strongsville, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start your home search
Following our first meeting, I'll begin searching for available homes on the market that are a great fit for you.
I'll research most of the houses and eliminate the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we view houses, I'll show you the positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to change their must-have list as we view houses and some things become far more crucial than others.
If that's the case, I'll search all the listings once again and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
My understanding of the Strongsville market is an essential advantage in your search. I am conscious of all the neighborhoods and school districts, and I can communicate some neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for more consideration.
As we view houses, I'll let you know when the asking price has room for bargaining and also when I trust the home is "priced to sell."
Be careful and make sure you ask plenty of questions, as any REALTOR® will tell you they know the housing market.
If it appears they don't know everything, call me at 440-572-0220 or e-mail me at ed@larsen4homes.com, and I'll be happy to answer any questions you may have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I know we'll find your dream home in Strongsville, and when we do, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon turning in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's very common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Secure financing
After the deal is finished, you'll start working with your lender to close the loan.
If you're pre-qualified, this shouldn't take long at all, but you should 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 provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most likely take place at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 440-572-0220 or send me an e-mail.