For many people, buying a home is a stressful event. However, with a little up-front planning, it's not all that confusing.
So you'll know exactly what to expect, I like to give my buyers an outline of the whole deal.
Here are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're prepared to get started, you can contact me here or e-mail me at junebranscom@comcast.net.
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Step 1 – Get ready to purchase a home
There are several things you'll want to consider before beginning your home search.
You'll want to assemble an index of items you need to have, get a plan of what neighborhoods you want to live in, and begin planning your budget.
A good principle to adhere to is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Contact a real estate agent in Manchester
This is where RE/MAX Omega Group comes in.
I'd love to set up a time to get together with you and talk about your real estate needs and get an idea of your upcoming plans.
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 school districts in the Manchester area.
I'll also help you begin the loan process.
RE/MAX Omega Group partners with some of the best mortgage professionals in Manchester, so you're in great hands.
They will assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll start looking for homes on the market that are good for you.
I'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour the houses, I'll show you the positive features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
As a rule, buyers update their must-have list as we view homes and some things become far more crucial than others.
If that's the case, I'll look through all the listings once more and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's understanding of the Manchester home market is an essential aspect in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll let you know which neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for more analysis.
As we tour homes, I'll be sure to tell you when the asking price has room for negotiation and also when I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Any real estate agent in Manchester will claim to understand the market.
If things don't add up, contact me at 603-622-2200 ext 214 or e-mail me at junebranscom@comcast.net, and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find the house of your dreams in the Manchester area. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is most often applied to the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer, and it's widely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Secure a loan
Upon finishing the contract, you'll start working with your lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 603-622-2200 ext 214 or send me an e-mail.
