Purchasing a home intimidates many people, but it's not too hard with a bit of up-front planning.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, just contact me here or send e-mail to susan@sommershomes.com. I'm happy to answer questions you have about this information.
|
|
|
|
|
Step 1 – Prepare to purchase
There are several things you should take into account before you start searching for a home.
When you start your search, you'll want to make an index of must-haves, plan for what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Get with a real estate agent in Albany
That's where I can help.
We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Albany area.
I'll also help you facilitate the loan process.
I partner with some of the finest mortgage professionals in Albany, so you're in great hands.
They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll begin looking for homes on the market that are a great fit for you.
I'll preview most of the houses and reject the bad ones, and then we'll book appointments to tour the homes when it's most convenient for you.
When we view the homes, I'll point out good features, as well as bad ones. And I'll ask you what things you like and dislike.
Most often, buyers change their wish list as we view houses and some items become far more important than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
Your agent's knowledge of the Albany housing market is an imperative component in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I'll communicate which neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for more examination.
When we tour houses, I'll let you know when the seller's list price has room for bargaining and also when I think the home is "priced to sell."
Be on guard and make sure you ask plenty of questions, as every real estate agent will tell you they know the housing market.
If it doesn't seem like they know everything, just call me at (518) 495-9144 or e-mail me at susan@sommershomes.com, and I'd be more than happy to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream house
I'm certain we'll find the home of your dreams in the Albany area, and when we do, I'll carefully develop your real estate purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we present your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure financing
After the deal is signed, you'll start working with your mortgage lender to close the loan.
It shouldn't take very long at all if you've been pre-approved, but you should to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will most often be a smooth and stress-free event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at (518) 495-9144 or send me an e-mail.
