Purchasing a home is stressful for a lot of people, but it isn't too difficult with a bit of planning ahead of time.
So you understand exactly what to expect, I like to give my buyers a road map of the whole deal.
Here are my nine steps to buying a home.
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If you have questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at Karen.Bernier@NEMoves.com.
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Step 1 – Prepare to purchase a home
There are several things you'll want to take into account prior to beginning your home search.
You'll probably want to create a checklist of items you need, plan for what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Get with a real estate agent
This is where I come in.
We'll plan a time to meet so we can talk 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 Manchester area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in Manchester, and I work with a lot of them, so you'll be in great hands.
They will assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start house-hunting
Following our initial meeting, I'll start finding homes on the market that are a good fit for you.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we view homes, I'll call attention to positive features and negative ones. I'll even ask you to point out what things you like and dislike.
Most often, buyers change their wish list as we tour homes and some features become more important than others.
If that's the situation, I'll look through all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Know the market
An agent's knowledge of the Manchester housing market is a necessary factor in your home search. And I can assure you I'm conscious of all the schools and neighborhoods, and I will communicate which districts are "hot" and call for prompt action and the ones that are "cold" and allow for more consideration.
As we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as every real estate agent in Manchester will claim to comprehend the housing market.
If things don't add up, call me at 978-807-5580 or e-mail me at Karen.Bernier@NEMoves.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in the Manchester area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as acquiring financing, completing the home inspection, and a clear title.
When turning in your offer, you'll probably need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is typically applied to the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer – it's very common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing limits. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Obtain financing
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all. But you need to stay in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and will likely be a smooth and relaxing event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 978-807-5580 or send me an e-mail.