Buying a home is intimidating for a lot of people. However, with a little up-front planning, it's not too difficult.
So you'll know exactly what to expect, I like to supply my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
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If you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at monicafry@remax.net.
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Step 1 – Prepare to purchase
There are several things you'll want to consider before beginning your home search.
When you begin your search, you'll want to create a list of features you need, get a feel for what neighborhoods and school districts you'd like to live in, and start planning your budget.
A good rule to go by is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Get with a real estate agent
This is where I come in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Cambridge area.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Cambridge, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll begin looking for houses on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and remove the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we view the houses, I'll call attention to positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to amend their list of must-haves as we tour homes and some features become far more important than others.
If that's the case, I'll go back through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Cambridge home market is a necessary factor in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I'll let you know some areas are "hot" and call for prompt action and some that are "cold" and allow for more consideration.
As we tour houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Every real estate agent in Cambridge will tell you they truly know the home market.
If things don't add up, call me at (740) 435-0003 x103 or e-mail me at monicafry@remax.net, and I'll be more than happy to answer any questions you might have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm sure we'll find your dream home in the Cambridge area. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is usually put towards the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer. It's really common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Secure financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you're already pre-approved, but you'll need to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will probably be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just call me at (740) 435-0003 x103 or send me an e-mail.
