With a little planning ahead of time, purchasing a home isn't that hard, but the event intimidates a lot of people.
I like to supply buyers with an outline of the entire deal so they'll understand exactly what they can expect.
These are my nine steps to buying a home.
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If you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at lbeck@garygreene.com.
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Step 1 – Get ready to buy
There are several things you should do prior to starting your home search.
When you start your search, you'll probably want to form a list of items you want to have, get a feeling for what neighborhoods and school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Get with a real estate agent in Spring
This is where Prudential Gary Greene Realtors comes in.
I'd be happy to plan a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Spring area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Spring, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
Following our initial meeting, I'll start finding available houses on the market that are a great fit for you.
I'll preview many of the houses and exclude the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
As we tour the homes, I'll identify good features and bad ones. I'll even ask you to point out what things you like and dislike.
It's common for buyers to revise their must-have list as we tour homes and some features become far more substantial than others.
If that happens, I'll look through all the listings another time and trim it down to the house of your dreams.
Step 4 – Understand the housing market
An agent's understanding of the Spring home market is an imperative factor in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I can alert you to which neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll let you know when the seller's asking price has room for bargaining and also when I think the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent will tell you they understand the home market.
If things don't add up, just call me at (281) 433-2087 or e-mail me at lbeck@garygreene.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm confident we'll find the house of your dreams in Spring, and when we do, I'll carefully 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 your ability to secure financing and the results of the home inspection.
When sending in your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's typically applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take very long at all. However, you'll want to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then we'll close on your house. This will likely happen at a title company or escrow office and will likely be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at (281) 433-2087 or send me an e-mail.
