Purchasing a home can be stressful for many people, but with a bit of up-front planning, it's not very difficult.
So you know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are a lot of things you'll want to contemplate prior to beginning your home search.
It's likely that you'll want to form an outline of must-haves, get a plan of what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd like to book a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Blair County area.
I'll also help you start the loan process.
There are some great mortgage professionals in Blair County, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll begin searching for homes on the market that are good 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.
When we view homes, I'll show you the positive features and negative ones. I'll also ask you to tell us about things you like and don't like.
As a rule, buyers revise their wish list as we view houses and some items become more important than others.
If that's the situation, I'll go back through the listings again and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
An agent's knowledge of the Blair County market is an imperative component in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I'll communicate what neighborhoods are "hot" and require prompt action and others that are "cool" and allow for more examination.
When we tour houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
Be on guard and make sure you ask your agent lots of questions, as every REALTOR® in Blair County will tell you they understand the home market.
If things don't add up, just call me at 814-946-8682 or e-mail me at herb@herbdempsie.com, and I'll be happy to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in the Blair County area, and when that happens, I'll precisely create your purchase offer. The offer will be written exactly to 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 turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Get a loan
Upon signing the deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take long at all. But you should to keep in close contact with your lender.
And I'll sort out 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) of closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your application.
The estimate is based on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most often be a smooth and hassle-free event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 814-946-8682 or send me an e-mail.
