It is easier than you think when you work with Larry and Sue Carr.
Step 1 - Make the Decision to Buy
It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. Write down your questions and your housing needs, we will need this when we meet to talk about your decision to buy a house.
Step 2 - Seek Professional Guidance
With any major life decision you should seek the advice of a professional to assist you with your decision. We have over 20 years experience helping buyers buy their dream homes. First, we would like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We'll talk about how we represent you in the transaction. This is usually as a buyers agent which means we work for you. We will also discuss your wants and needs in a home and such things as neighborhoods, schools, the type of house you are looking for (bedrooms, baths, garage, construction, etc.), price ranges, types of mortgages, mortgage payments and costs, taxes, insurance and special financing programs that you may qualify for to assist you in purchasing your new home. We will discuss the current market and any other questions you may have regarding buying a home.
At this time, we will also recommend that you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. This will help us determine the appropriate price range so that we don't show you a home that you fall in love with but cannot afford. Getting pre-qualifed will also help us when we are negotiating your home purchase with the seller.
Step 3 - Begin the Hunt
After our initial meeting, we will search all our resources for houses on the market that fit your criteria. This includes the multiple listing service and for sale by owners. We will preview these houses to eliminate the duds. Then, we will schedule appointments to tour the houses at times convenient to you.
As we tour houses, we will point out positive features and negative features. We will ask you to tell us what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, we will refine our search criteria to narrow in on the house of your dreams.
Step 4 - Know the Market
Our knowledge of the local market is an essential factor in the home search. We will let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, we will let you know when the asking price has negotiating room and when the house is "priced to sell". Our unique market knowledge will keep you a step ahead of the "house hunting competition".
In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell. We will let you know the type of market we are currently in so you can make an informed decision regarding your purchase.
Step 5 - Find Your Dream House
We are confident we'll find your dream house. When we do, we will put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
The offer is normally presented with "earnest money". This is a deposit that is placed in an escrow account to show that you are serious about buying the property. The escrow money is brought to closing and used toward your downpayment and closing costs. If the seller accepts the offer, generally closing is held 30 to 45 days from the offer date (generally dependent on the turn around time of your mortgage financing). This time frame can be shortened depending on how far along in the loan process you are when we obtain a signed contract.
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.
Step 7 - Loan Processing and Inspections
After we have a signed contract you will obtaining a home inspection and other inspections. We will be providing the signed contract to and communicating with your mortgage lender to help them obtain anything that they may need from us. The mortgage lender and you will be completing the paperwork to complete the loan process and prepare for closing. Since you have already started the mortgage loan process, the time from contract to closing may be reduced. Depending on where you are in the loan process we may be able to close sooner.
Step 8 - Final Steps before Closing
You will need to obtain your insurance, change your utilities and cable, and do a final walk-thru of the property. You will also need to obtain a bank cashiers check in US funds to bring to the closing for the balance of the downpayment and closing costs.
Step 9 - Move In
The closing day is now here. You have your check and your ready to sign the closing documents.
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time.
Remember, we are here to help!
It may sound like alot of things to do, but we will make it easy for you.
Your one stop website for all your Real Estate needs.