For most people, buying a home can be an intimidating event. But with some planning ahead of time, it’s not very complicated. So you’ll understand exactly what to expect, I like to provide my buyers with a road map of the entire deal. These are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
There are many things you’ll want to consider prior to starting your home search. You’ll want to create an index of features you need to have, get a feel for what neighborhoods and school districts you’d like to live in, and start working on your budget. Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Get with a real estate agent
That’s where I can help. I’d like to plan a time to get together with you and communicate with you about your real estate needs and get an idea of your future plans. We’ll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Goodyear area.
In addition, I’ll assist you with getting started on your loan. There are some great mortgage professionals in Goodyear, and I work with a lot of them, so you’re 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 house hunting
After our first meeting, I’ll start searching for homes on the market that are good for you. I’ll get a sneak peek of most of the houses and remove the duds, and then we’ll set up appointments to view the homes whenever it’s convenient for you.
When we tour houses, I’ll show you the positive features, as well as bad ones. And I’ll ask you what things you like and don’t like. It’s pretty common for buyers to amend their list of must-haves as we view houses and some things become more necessary than others. If that happens, I’ll go back through the listings one more time and narrow it down to the house you’ve been wishing for.
Step 4 – Know the market
My knowledge of the Goodyear home market is a necessary asset in your house search. I’m familiar with all the schools and neighborhoods, and I will let you know which neighborhoods are “hot” and warrant immediate action and the ones that are “cold” and allow for careful consideration.As we view houses, I’ll be sure to tell you if the list price has room for negotiation or if I believe the home is “priced to sell.” When working with an agent, be mindful and make sure you ask a lot of questions. Any real estate agent will claim to comprehend the home market. If things don’t add up, call me at (623) 337-8995 or e-mail me at INFO@soldbycarin.com, and I’ll be happy to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
I’m certain we’ll find the house of your dreams in the Goodyear area, and when that happens, I’ll precisely develop your purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, you’ll likely need to submit “earnest money.” This is a cash deposit made to a home seller to secure the offer to purchase the property and is most often applied to the closing costs. If the seller accepts the offer, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren’t closed on the first offer, and it’s widely common to receive a counter offer. Don’t let this discourage you. We’ll talk over whether or not to take the counter offer, propose our own counter offer, or reject the seller’s offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We’ll also work within your financing constraints. And at the end of the day, we’ll create a deal that’s best for you.
Step 7 – Obtain financing
Once we sign the final sales contract, you’ll begin working with your mortgage lender to close the loan. This won’t take very long at all if you’re pre-approved, but you’ll need to keep in close contact with your lender. And I’ll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. You’ll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your loan application. The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and be within a narrow range of accuracy, and I’ll analyze the estimate and let you know if it all looks good.
Then it’s time to close on your home. This will most often occur at a title company or escrow office and will likely be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at (623) 337-8995 or send me an e-mail.