For a lot of people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not that complicated.
I like to supply buyers with an outline of the entire deal so they'll understand exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
Prior to starting your home search, there are several things you should consider.
When you begin your search, you'll want to make an outline of features you need to have, get an idea of what school districts and neighborhoods you'd like to live in, and start working on your budget.
A good guideline to go by is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Contact a real estate agent
That's where I come in.
I'd love to book a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Grants Pass area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Grants Pass, and I work with a lot of them, so you'll be in great hands.
They can assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin looking for available homes on the market that are good for you.
I'll preview many of the homes and exclude the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
As we tour homes, I'll point out positive features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
Frequently, buyers change their wish list as we tour homes and some features become far more substantial than others.
If that happens, I'll look through the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Know the housing market
Your agent's knowledge of the Grants Pass home market is an imperative factor in your home search. And I assure you I'm mindful of all the school districts and neighborhoods, and I will let you know certain neighborhoods are "hot" and demand immediate action and others that are "cool" and allow for careful consideration.
As we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Be on guard and be sure to ask lots of questions, as any REALTOR® will claim to understand the home market.
If it appears they don't know everything, contact me at 541.494.3932 or e-mail me at info@realtyexecutivessouthernoregon.com, and I'd be happy to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm confident we'll find the house of your dreams in the Grants Pass area. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we submit your offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's really common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get financing
Once the contract is finalized, you'll begin working with your mortgage lender to close the loan.
It shouldn't take long at all if you're already pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your application.
This estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 541.494.3932 or send me an e-mail.
