Purchasing a home is stressful for many people, but with a little up-front planning, it isn't too confusing.
So you know exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are several things you should contemplate before commencing your home search.
When you start your search, you'll probably want to form a checklist of items you need, get a feeling for what school districts and neighborhoods you want to live in, and start planning around your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good guideline to follow.
Step 2 – Get in touch with a real estate agent
This is where I come in.
I'd love to book a time to get together with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Gainesville area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some very good mortgage professionals in Gainesville, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
After we meet for the first time, I'll begin searching for available homes on the market that are great for you.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we tour the homes, I'll identify positive features, as well as negative ones. And I'll ask you to talk about things you like and dislike.
As a rule, buyers amend their must-have list as we tour houses and some features become far more necessary than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Understand the housing market
An agent's understanding of the Gainesville market is a necessary aspect in your house search. And I assure you I'm mindful of all the neighborhoods and school districts, and I will let you know what districts are "hot" and call for prompt action and the ones that are "cold" and allow for careful analysis.
When we view houses, I'll make sure to communicate when the seller's asking price has room for negotiation and when I trust the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as every real estate agent in Gainesville will convince you they truly know the home market.
If things don't add up, just call me at (352) 375-2900 or e-mail me at fredandree@hotmail.com, and I'd be more than happy to answer your questions. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream house in Gainesville. When we do, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
Upon sending in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is most often applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's really common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Get financing
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all. However, you'll want to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of taking your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and hassle-free event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at (352) 375-2900 or send me an e-mail.
