Purchasing a new home in Landrum
For most people, purchasing a home is a stressful event. But with some up-front planning, it's not all that complex. So you'll know exactly what to expect, we like to give our buyers an outline of the entire deal. These are our nine steps to purchasing a home.
When you're ready to get started, simply contact us here or send us e-mail. We're happy to address questions you have regarding this information.
Step 1 – Prepare to buy a home
There are several things you'll want to contemplate before you look for a home. When you start your search, you'll want to form a check list of features you want, get an idea of what school districts and neighborhoods you want to live in, and start planning your budget. A good rule of thumb to adhere to is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Landrum
That's where we come in. We'd love to set up a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Landrum area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
In addition, we'll help you get started on your loan. Mickey Hambright works with some of the finest mortgage professionals in Landrum, so you can rest assured that you're in great hands. They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our first meeting, we'll start searching for houses on the market that meet your needs. We'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we tour houses, we'll point out positive features and bad ones. And we'll ask you what things you like and dislike. Oftentimes, buyers amend their list of must-haves as we view houses and some things become far more substantial than others. If that's the situation, we'll look through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
An agent's understanding of the Landrum home market is a fundamental element in your house search. And we assure you we're well acquainted with all the neighborhoods and school districts, and we'll let you know certain neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for careful examination.
As we view homes, we'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 careful and make sure you ask a lot of questions, as every real estate agent will convince you they understand the home market. If it seems like they don't know everything, contact us at 828-817-1796 or e-mail us at firstname.lastname@example.org, and we'd be more than happy to answer any questions you may have. Our knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
We're confident we'll find the home of your dreams in Landrum. When we do, we'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as getting financing, finishing the inspection, and a clear title.
Upon sending in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is most often applied to the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's very common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your lender to close the loan. If you're pre-qualified, this won't be a long process at all, but you'll need to keep in close contact with your mortgage lender. And we'll sort out all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your application. The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. we'll study the estimate and let you know if everything looks okay.
Then we'll close on your house. This will likely occur at a title company or escrow office and will probably be a smooth and peaceful occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, just contact us at 828-817-1796 or send us an e-mail.