Buying a home intimidates most people, but with some up-front planning, it's not very confusing.
So you know exactly what to expect, I like to provide my buyers with an overview of the whole deal.
Below are my nine steps to buying a home.
Step 1 – Get ready to buy a home
There are many things you need to do prior to starting your home search.
You'll want to put together a list of features you need to have, plan for what school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Get with a real estate agent
This is where MCCLUSKEY & ASSOCIATES REAL ESTATE can help.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the BROWNWOOD area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in BROWNWOOD, and I work with a lot of them, so you'll be in great hands.
They will assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start house hunting
Following our initial meeting, I'll begin finding homes on the market that are good for you.
I'll get a sneak peek of many of the houses and remove the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we view the homes, I'll show you the positive features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
It's widely common for buyers to revise their must-have list as we view houses and some features become far more substantial than others.
If such is the case, I'll look through all the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's knowledge of the BROWNWOOD housing market is an imperative component in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can alert you to which neighborhoods are "hot" and require prompt action and others that are "cool" and allow for careful analysis.
When we view houses, I'll be sure to tell you if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions. Any REALTOR® in BROWNWOOD will claim to understand the home market.
If it doesn't seem like they know everything, contact me at 325-643-3200 or e-mail me at key2310@yahoo.com, and I'd be happy to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream home in BROWNWOOD, and when we do, I'll precisely create your purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we present 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 is usually put towards the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer, and it's very common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Secure a loan
After the contract is signed, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't take much time at all. But you'll need to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your application.
This estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will likely happen at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at 325-643-3200 or send me an e-mail.
