Purchasing a home is stressful for a lot of people, but with a bit of planning ahead of time, it's not all that complicated. I like to supply buyers with a road map of the whole deal so they'll know exactly what they can expect. Below are my nine steps to buying a home.
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Should you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at teamwinchell@gmail.com. |
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Step 1 – Prepare to purchase a home
Before you start looking for a home, there are plenty of things you should contemplate. When you start your search, you'll want to put together a check list of items you want, get an idea of what neighborhoods you'd like to live in, and start planning your budget. Ensuring your mortgage payment is no more than a third of your monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in Newport
This is where I come in. I'd like to plan a time to get together with you and communicate 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 Newport area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process. There are some excellent mortgage professionals in Newport, and I work with a lot of them, so you'll be in great hands. They'll assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll start looking for available houses on the market that are a good fit for you. I'll preview most of the houses and ignore the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour houses, I'll point out good features, as well as negative ones. And I'll ask you to point out what things you like and dislike. It's pretty common for buyers to change their list of must-haves as we tour houses and some things become far more crucial than others. If that's the case, I'll go back through the listings once more and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
My awareness of the Newport housing market is a necessary benefit in your search. I'm familiar with all the neighborhoods and schools, and I can let you know which districts are "hot" and demand immediate action and some that are "cool" and allow for careful examination.
As we view homes, I'll be sure to tell you when the asking price has room for negotiation and also when I think the house is "priced to sell." When working with an agent, be on guard and make sure you ask plenty of questions. Every REALTOR® in Newport will claim to comprehend the housing market. If things don't add up, just call me at 252-342-5557 or e-mail me at teamwinchell@gmail.com, and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream house in the Newport area. When that happens, I'll precisely develop your purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property and is often applied to the closing costs. If the offer is accepted by the seller, we should close on the property 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. Don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
After we sign the final sales contract, you'll start working with your lender to close the loan. If you're pre-qualified, it won't take long at all, but you'll want to keep in close contact with your lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application. This estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a precise range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will likely take place at a title company or escrow office and should be a smooth and relaxing event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at 252-342-5557 or send me an e-mail.
