With some up-front planning, purchasing a home isn't too complicated, but the event intimidates a lot of people.
So you understand exactly what to expect, I like to supply my buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to info@sanderson-realty.com. I'm glad to address any questions you have about this information.
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Step 1 – Get ready to purchase
There are several things you should contemplate before starting your home search.
You'll probably want to create a list of must-haves, get a plan of what neighborhoods and school districts you want to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Get with a real estate agent in FOLEY
This is where Sanderson Realty and Sand Castle Realty comes in.
I'd love to plan a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the FOLEY area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some great mortgage professionals in FOLEY, and I work with a lot of them, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll start looking for available homes on the market that are a good fit for you.
I'll research most of the houses and eliminate the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we view houses, I'll show you the positive features and negative ones. And I'll ask you to point out what things you like and dislike.
As a rule, buyers update their must-have list as we tour homes and some items become more substantial than others.
If that happens, I'll search all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
An agent's knowledge of the FOLEY housing market is a fundamental agent in your house search. And I can assure you I'm conscious of all the schools and neighborhoods, and I can let you know what districts are "hot" and call for immediate action and others that are "cold" and allow for thoughtful examination.
As we view homes, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR® in FOLEY will claim to truly understand the housing market, but take note, and make sure you ask your agent plenty of questions.
If things don't add up, just call me at 251-968-4137 or e-mail me at info@sanderson-realty.com, and I'd be happy to answer your questions. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
I know we'll find your dream home in the FOLEY area. When we do, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are acquiring financing, finishing the inspection, and a clean title.
Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer. It's pretty common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get financing
Upon finishing the deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, this shouldn't take much time at all, but you should to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will likely happen at a title company or escrow office and will probably be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 251-968-4137 or send me an e-mail.
