Purchasing a home is intimidating for a lot of people, but it's not very complicated with some up-front planning.
So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to purchase
Before you begin searching for a home, there are many things you'll want to take into account.
When you start your search, you'll probably want to put together a list of must-have features, get a feel for what neighborhoods and school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent
That's where I come in.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Marlton area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Marlton, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our first meeting, I'll begin finding homes on the market that meet your needs.
I'll research many of the homes and exclude the duds, and then we'll book appointments to view the homes when it's convenient for you.
When we view houses, I'll point out good features and negative ones. I'll even ask you what things you like and don't like.
It's widely common for buyers to update their list of must-haves as we tour homes and some features become far more essential than others.
If that's the case, I'll look through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My knowledge of the Marlton housing market is an indispensable asset in your house search. I am conscious of all the school districts and neighborhoods, and I can let you know certain areas are "hot" and warrant prompt action and others that are "cool" and allow for thoughtful examination.
As we view houses, I'll let you know when the list price has room for negotiation and also when I believe the home is "priced to sell."
Be careful and be sure to ask lots of questions, as any REALTOR® will convince you they truly understand the market.
If it appears they don't know everything, just call me at 856-596-0008 or e-mail me at irenekozyra@weichert.com, and I'd be glad to answer your questions. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in Marlton. When we do, I'll thoroughly create your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
When we present your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is most often applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the initial offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain your loan
Upon finalizing the contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it shouldn't be a long process at all, but you should to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks okay.
Then it's time to close on your home. This should take place at a title company or escrow office and is often a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 856-596-0008 or send me an e-mail.
