For most people, purchasing a home can be an intimidating event. However, with a bit of up-front planning, it isn't all that complicated.
So you'll know exactly what to expect, I like to provide my buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
 |
 |
 |
If you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at lane@lanemidgett.com.
|
|
|
|
|
Step 1 – Get ready to buy
There are several things you should do before you search for a home.
When you begin your search, you'll probably want to create a check list of items you want to have, get an idea of what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where 1776 Real Estate Group can help.
I'd be happy to set up a time to get together with you and speak with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Richmond area.
I can also help you get started on your loan.
I partner with some of Richmond's finest mortgage professionals, so you can rest assured that you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After we meet, I'll start looking for available houses on the market that suit your needs.
I'll preview most of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view houses, I'll point out positive features and bad ones. And I'll ask you what things you like and dislike.
For the most part, buyers change their wish list as we view houses and some items become far more crucial than others.
If such is the case, I'll look through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
Your agent's understanding of the Richmond home market is an imperative component in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to what areas are "hot" and call for immediate action and some that are "cold" and allow for careful examination.
When we view homes, I'll be sure to tell you when the list price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as any real estate agent will tell you they truly know the housing market.
If things don't add up, just call me at 804-565-1776 or e-mail me at lane@lanemidgett.com, and I'd be more than happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm certain we'll find your dream home in the Richmond area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
Upon turning in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is often applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer – it's very common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
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 – Secure your loan
Upon completing the contract, you'll begin working with your lender to close the loan.
If you're pre-qualified, it won't take long at all, but you need to keep in close contact with your lender.
And I'll care for 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 taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a strict range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and calm event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at 804-565-1776 or send me an e-mail.
