Buying a home is a stressful event for many people, but it's not very difficult with some up-front planning.
So you understand exactly what to expect, I like to give my buyers a road map of the entire deal.
Below are my nine steps to buying a home.
 |
 |
 |
If you have questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at rich@hamptonshomes4sale.com.
|
|
|
|
|
Step 1 – Get ready to purchase a home
Before you begin looking for a home, there are several things you need to take into account.
When you start your search, you'll want to assemble a check list of features you need to have, get a feel for what neighborhoods you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent
That's where I come in.
We can book a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Southampton area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I'll also help you start the loan process.
I work with some of Southampton's best mortgage professionals, so you're in great hands.
They will assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll begin finding houses on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
When we tour the homes, I'll identify good features, as well as negative ones. I'll even ask you about things you like and dislike.
Most often, buyers amend their must-have list as we tour houses and some features become more necessary than others.
If that's the situation, I'll search all the listings once more and trim it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Southampton housing market is an imperative aspect in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll alert you to what districts are "hot" and call for prompt action and the ones that are "cold" and allow for careful examination.
As we tour homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I believe the home is "priced to sell."
Every REALTOR® will tell you they know the market, but be careful, and make sure you ask a lot of questions.
If things don't add up, contact me at 631-204-2731 or e-mail me at rich@hamptonshomes4sale.com, and I'll be glad to answer your questions. My market expertise will help you stay a step above the rest through the entire process.
Step 5 – Find your dream home
I'm confident we'll find the home of your dreams in Southampton, and when that happens, I'll carefully create your purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we submit your offer, you'll likely want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is most often applied to the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer. It's extremely common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Secure financing
Upon finishing the deal, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this won't take long at all. However, you should to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will likely occur at a title company or escrow office and should be a smooth and easygoing affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to call me at 631-204-2731 or send me an e-mail.
