Step - 1 Make the Decision to Buy
The first step to buying a house is making the decision to buy. Decide what the reasons are for why you want a new home and write them down. Decide how long you want to live in the new house - does it still make financial sense to buy? Can you afford a house that will meet your list of desires? A good rule is your mortgage payment should not be more than 1/3 of your net monthly income.
Step 2 - Seek Professional Guidance
I'd like to meet with you to hear the reasons you want to buy a house and what your plans are for the future. We'll talk about neighborhoods, schools, as well as how you would like your home and neighborhood to expand with you.
I will help you get pre-qualified for a loan. Pre-qualification is where a loan officer tells you what your approved amount for a mortgage loan would be. This will help in narrowing down the home search to homes you can afford. The fact that you are pre-qualified will help us when we are negotiating the deal.
Step 3 - Begin the Hunt
After our meeting, I will search for houses on the market that fit your criteria. I will preview these houses to eliminate the ones that do not.
As we preview houses, I will help you decide on positive as well as negative features in each home. I will want to know what you like and what you don't like. Your wish lish will probably change as we look at the houses, some things will become more important and others less important to you. With your likes and dislikes, I'll will be able to narrow in on the house of your dreams.
Step 4 - Know the Market
My knowledge of the local market is an essential factor in searching for a home. I'll let you know when the market is moving and requires immediate action or when the market is slow giving you time for thoughtful consideration.
As we look at these houses, I'll let you know when the asking price has room to negotiate and when the house is "priced to sell". My market knowledge will help keep you a step ahead of the "competing buyers".
In a seller's market. It is not unusual for a seller to receive multiple full price or over price offers on his/her property. During a buyer's market more homes are for sale than there are buyers. This gives us more room to negotiate as sellers homes are taking longer to sell.
Step 5 - Find Your Dream House
I'm confident that together we will find the Home of Your Dreams. When we do, I'll write a purchase offer written best for your needs.
Step 6 - Negotiate the Deal
The offer is normally presented with a deposit. This deposit is made to a home seller to help secure an offer to buy the property. The amount of the deposit is applied to your closing costs. The normal deposit is 10-20% of the offered price but can be set to meet your needs. It is not abnormal to get a counter offer when a purchase offer is given to the seller. Do not be worried. We will go over the counter offer and decide whether or not we want to accept the counter offer as written, or if we will do our own counter, or we can decide to say no all together and look for a new home.
What is happening in the current Market will affect how aggressively we can negotiate. Stress can lead to emotions that can cause you to feel buyer's remorse. It is necessary to decide on limits before we begin negotiating an offer.
Step 7 - Get yourself a Home Loan
While we are in escrow, you and your lender will work together to close your loan. Since you were already pre-qualified, you will already have a head start on the process. I will get the property information your lender requires to help close your loan.
Step 8 – Time to Close the Deal
Your lender will give you a Good Faith Estimate showing what closing costs you will incur from them when your application is given to the lender. The Good Faith Estimate is based on the loan officer's past experience and does not always include all the closing costs. I will if you choose, review the "Good Faith Estimate," helping to answer any questions you may have, and discovering missing costs and or estimates on cost I believe to be low.
Step 9 – Time to Move In
Congratulations! It's time to make your new house a home.
