Buying a home is an intimidating event for most people, but with some planning ahead of time, it isn't that hard. I like to supply buyers with an overview of the whole deal so they'll understand exactly what they can expect. Here are my nine steps to buying a home.
Step 1 – Prepare to buy a home
Before you begin looking for a home, there are several things you should do. When you begin your search, you'll probably want to form an outline of features you want to have, get a feel for what neighborhoods and school districts you'd like to live in, and start planning your budget. A good guideline to adhere to is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Get with a real estate agent in Landrum
This is where Mickey Hambright can help. I'd be happy to book a time to meet with you and communicate with you about your real estate needs and get an idea of your future plans. We'll discuss everything from neighborhoods, schools in the Landrum area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
I can also assist you in getting started on your loan. I work with some of Landrum's best mortgage professionals, so you can rest assured that you're in great hands. They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
Following our first meeting, I'll start looking for available homes on the market that are a great fit for you. I'll preview many of the houses and throw out the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. I'll even ask you what things you like and dislike. As a rule, buyers amend their must-have list as we tour homes and some items become far more substantial than others. If that happens, I'll look through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Understand the housing market
An agent's knowledge of the Landrum market is a necessary agent in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I will let you know what areas are "hot" and call for immediate action and some that are "cold" and allow for cautiousness.
When we view homes, I'll make sure to communicate when the list price has room for negotiation and also when I think the house is "priced to sell." Every real estate agent in Landrum will claim to comprehend the housing market, but take note, and make sure you ask your agent a lot of questions. If things don't add up, call me at 828-817-1796 or e-mail me at gmhambright@gmail.com, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in the Landrum area, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain your loan
Upon finishing the contract, you'll start working with your mortgage lender to close the loan. If you've been pre-qualified, it shouldn't be a long process at all. However, you should to keep in close contact with your mortgage lender. And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your loan application. The estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will probably happen at a title company or escrow office and is often a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 828-817-1796 or send me an e-mail.
