Buying a home is an intimidating event for many people, but with a bit of planning ahead of time, it's not very difficult.
I like to give buyers an outline of the entire deal so they understand exactly what they can expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are several things you'll want to take into account.
When you start your search, you'll probably want to form a checklist of features you need, plan for what neighborhoods you'd like to live in, and start planning your budget.
A good rule to go by is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Communicate with a real estate agent
That's where I can help.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Monsey area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
Rodeo Realty The BestSellers, Inc. partners with some of Monsey's finest mortgage professionals, so you'll be in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll start searching for houses on the market that are good for you.
I'll preview most of the homes and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view the houses, I'll identify positive features and negative ones. I'll also ask you to talk about things you like and don't like.
Frequently, buyers revise their wish list as we tour houses and some features become far more necessary than others.
If that's the situation, I'll go back through all the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
My knowledge of the Monsey market is a crucial advantage in your home search. I'm acquainted with all the neighborhoods and school districts, and I'll alert you to what areas are "hot" and warrant prompt action and others that are "cool" and allow for cautiousness.
When we tour houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Any REALTOR® will claim to truly know the home market.
If things don't add up, just call me at (845) 364-0195 or e-mail me at info@rodeorealtyny.com, and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
We'll find the home of your dreams in Monsey, and when that happens, I'll thoroughly create your home purchase offer. The offer will be made 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 submitting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is most often put towards the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer. It's extremely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain your loan
Upon finishing the deal, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all. However, you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy, and I'll examine the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at (845) 364-0195 or send me an e-mail.
