For a lot of people, purchasing a home can be a stressful event. However, with a bit of up-front planning, it's not all that complex. I like to provide buyers with a road map of the whole deal so they understand exactly what they can expect. Here are my nine steps to purchasing a home.
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If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at josephfoster@michaelsaunders.com. |
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Step 1 – Get ready to buy a home
Before you begin looking for a home, there are plenty of things you should consider. You'll probably want to make a checklist of features you want to have, get a plan of what neighborhoods and school districts you want to live in, and begin working on your budget. A good rule to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Get with a real estate agent
This is where Michael Saunders & Co. - Licensed Real Estate Broker comes in. We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Bradenton area.
I'll also help you facilitate the loan process. I work with some of the best mortgage professionals in Bradenton, so you can rest assured that you're in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After our first meeting, I'll start looking for houses on the market that are good for you. I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view homes, I'll identify positive features, as well as bad ones. I'll even ask you about things you like and dislike. Usually, buyers amend their must-have list as we view homes and some things become more crucial than others. If such is the case, I'll go back through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My understanding of the Bradenton housing market is a necessary resource in your home search. I'm mindful of all the neighborhoods and schools, and I'll let you know which areas are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
As we view houses, I'll be sure to tell you when the list price has room for negotiation and when I think the house is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions. Any real estate agent in Bradenton will claim to truly understand the market. If things don't add up, contact me at 941.907.9595 or e-mail me at josephfoster@michaelsaunders.com, and I'll be more than happy to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in Bradenton, and when we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we present your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is often put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. It won't take very long at all if you're already pre-qualified, but you should to stay in close contact with your mortgage lender. And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of receiving your application. The estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should happen at a title company or escrow office and will probably be a smooth and peaceful occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 941.812.7634 or send me an e-mail.
