Purchasing a home is an intimidating event for most people, but it isn't very confusing with a little planning ahead of time.So you'll know exactly what to expect, I like to furnish my buyers with an outline of the whole deal.These are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are a lot of things you'll want to do before beginning your home search. It's likely that you'll want to form a checklist of must-have features, get a feel for what neighborhoods you want to live in, and start planning around your budget.A good rule to adhere to is that your mortgage payment should be less than a third of your monthly income.
Step 2 – Get in touch with a real estate agent in Woodbridge
This is where Century 21 New Millennium can help.I'd be more than happy to schedule a time to get together with you and speak with you regarding why you want to buy a home 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 buying decision today or in the future, as well as neighborhoods and schools in the Woodbridge area.
I'll also assist you in getting started on your loan.I work with some of Woodbridge's finest mortgage professionals, so you can rest assured that you're in great hands.They'll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking
Following our first meeting, I'll begin searching for homes on the market that are a great fit for you.I'll preview many of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view the homes, I'll show you the good features and negative ones. I'll also ask you to point out what things you like and dislike. It's common for buyers to revise their wish list as we view houses and some items become far more essential than others.If that's the case, I'll search the listings another time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Woodbridge home market is an essential aspect in your house search. And I assure you I'm informed of all the neighborhoods and schools, and I can communicate what districts are "hot" and require prompt action and the ones that are "cool" and allow for careful analysis.
When we tour homes, I'll make sure to communicate when the list price has room for negotiation and when I believe the home is "priced to sell."When working with an agent, be mindful and make sure you ask a lot of questions. Every REALTOR® will claim to truly understand the housing market.If it seems like they don't know everything, just call me at (703) 491-9570 or e-mail me at email@example.com, and I'd be glad to answer any questions you have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm confident we'll find the house of your dreams in the Woodbridge area. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, completing the home inspection, and a clear title.
When submitting your offer, you'll likely need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property and is most often applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer – it's extremely common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.We'll also work within your financing limits. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain your loan
Upon finalizing the deal, you'll start working with your lender to close the loan.It shouldn't take very long at all if you're pre-qualified, but you'll want to stay in close contact with your mortgage lender.And I'll take care of 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) outlining closing costs from your mortgage lender within three days of accepting your application.This estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and will probably be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at (703) 491-9570 or send me an e-mail.