Purchasing a home is stressful for many people. However, with a little up-front planning, it's not that difficult.
I like to provide buyers with an overview of the whole deal so they'll know exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
Prior to beginning your home search, there are plenty of things you need to take into account.
You'll most likely want to create a list of features you want, get a feel for what school districts you'd like to live in, and start planning around your budget.
A good guideline to follow is that your mortgage payment should be a third of your monthly income.
Step 2 – Contact a real estate agent in Douglasville
That's where I can help.
I'd like to set up a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Douglasville area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
Debbie Forrester, Associate Broker, RE/MAX Unlimited, GA & Beachside Resorts, Panama City Beach, FL works with some of Douglasville's finest mortgage professionals, so you'll be in great hands.
They will help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our first meeting, I'll start looking for houses on the market that meet your needs.
I'll preview many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
As we view houses, I'll show you the good features, as well as negative ones. I'll even ask you what things you like and don't like.
It's common for buyers to revise their list of must-haves as we view homes and some features become more substantial than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the market
An agent's awareness of the Douglasville market is a leading element in your home search. And I assure you I'm mindful of all the neighborhoods and school districts, and I'll communicate some neighborhoods are "hot" and warrant immediate action and some that are "cold" and allow for careful analysis.
As we view homes, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
Be on guard and make sure you ask your agent plenty of questions, as every real estate agent in Douglasville will claim to truly understand the housing market.
If things don't add up, just call me at 678-564-2610 or e-mail me at email@example.com, and I'd be happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream house in Douglasville. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as getting financing, completing the inspection, and a clear title.
Upon turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is most often put towards the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain a loan
Once the contract is finalized, you'll begin working with your lender to close the loan.
This won't take very long at all if you've been pre-approved, but you need to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of taking your loan application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and will likely be a smooth and relaxed occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 678-564-2610 or send me an e-mail.