Purchasing a home is a stressful event for most people. However, with a little up-front planning, it isn't that confusing.
So you understand exactly what to expect, I like to give my buyers an overview of the entire deal.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to gloria_ken@msn.com. I'm glad to answer questions you have about this information.
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Step 1 – Prepare to purchase
Before you start searching for a home, there are several things you'll want to consider.
When you start your search, you'll probably want to make a list of features you want to have, get a feel for what school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Communicate with a real estate agent in East Point
This is where I can help.
We can set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the East Point area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in East Point, and I work with a lot of them, so you'll be in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start searching for homes on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and ignore the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view houses, I'll identify good features and bad ones. I'll also ask you to point out what things you like and don't like.
It's pretty common for buyers to revise their wish list as we view houses and some features become far more essential than others.
If that happens, I'll go back through all the listings another time and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
My knowledge of the East Point home market is an indispensable asset in your house search. I'm informed of all the school districts and neighborhoods, and I can alert you to which neighborhoods are "hot" and require immediate action and others that are "cold" and allow for more consideration.
When we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Be careful and make sure you ask plenty of questions, as any real estate agent will tell you they truly understand the home market.
If it seems like they don't know everything, contact me at (404) 767-8111 or e-mail me at gloria_ken@msn.com, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the East Point area. When we do, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as getting financing, completing the home inspection, and a clear title.
When we turn in your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is most often put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer. It's very common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Obtain financing
After the contract is finished, you'll begin working with your lender to close the loan.
This won't take much time at all if you've been pre-qualified, but you'll want to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (404) 767-8111 or send me an e-mail.
