Buying a home is stressful for many people. However, with a little planning ahead of time, it isn't very complicated. So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal. Here are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at info@realesolutions.com. |
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Step 1 – Prepare to buy a home
There are plenty of things you should do before beginning your home search. You'll want to form a checklist of items you need, get a plan of what school districts you'd like to live in, and begin planning around your budget. Keeping your mortgage payment less than a third of your monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent
That's where we come in. We'll schedule 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, schools in the the Hudson Valley area, the mortgage and housing industries, and any additional economic factors that might affect your purchase today or in the future.
In addition, we'll help you start the loan process. There are some very good mortgage professionals in the Hudson Valley, and wepartner with a lot of them, so you'll be in great hands. They'll assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, we'll begin finding available homes on the market that are good for you. we'll preview most of the houses and ignore the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
As we view the houses, we'll point out good features and negative ones. And we'll ask you to tell us about things you like and don't like. Oftentimes, buyers amend their wish list as we tour homes and some items become far more substantial than others. If that's the situation, we'll go back through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Know the housing market
Your agent's awareness of the Hudson Valley housing market is an essential element in your home search. And we assure you we're acquainted with all the schools and neighborhoods, and we will communicate certain districts are "hot" and warrant prompt action and others that are "cold" and allow for more analysis.
As we tour homes, we'll let you know if the list price has room for bargaining or if we believe the home is "priced to sell." When working with an agent, be on guard and be sure to ask a lot of questions, as any REALTOR® in the Hudson Valley will tell you they comprehend the home market. If it appears they don't know everything, just call us at 845-744-2095 or 845-294-2095, and we'll be glad to answer any questions you may have. Our market expertise will keep you a step above the rest through the entire process.
Step 5 – Find your dream home
We know we'll find your dream home in the Hudson Valley. When that happens, we'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clean title.
When we present your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Get a loan
Once the contract is signed, you'll begin working with your lender to close the loan. If you're already pre-qualified, it won't take very long at all. But you'll need to keep in close contact with your lender. And we'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application. The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and we'll examine the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will likely be a smooth and relaxed occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just call us at 845-744-2095 or 845-294-2095.
