Purchasing a home is a stressful event for most people, but with a little up-front planning, it isn't very confusing.
So you understand exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Here are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to OzarksLandMan@yahoo.com. I'm glad to address questions you have regarding this information.
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Step 1 – Get ready to purchase a home
Before you start your home search, there are several things you'll want to take into account.
You'll most likely want to form a list of features you want, get a feel for what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule to follow.
Step 2 – Speak with a real estate agent in Springfield
That's where I can help.
I'd like to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Springfield area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also assist you in getting started on your loan.
There are some very good mortgage professionals in Springfield, and I partner with a lot of them, so you'll be in great hands.
They will assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After we meet, I'll begin searching for available homes on the market that best suit you.
I'll preview many of the houses and throw out the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll point out positive features and negative ones. I'll even ask you what things you like and don't like.
Most often, buyers update their wish list as we view homes and some features become far more crucial than others.
If that's the case, I'll look through the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Springfield market is a fundamental factor in your house search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I can alert you to certain districts are "hot" and call for prompt action and others that are "cool" and allow for thoughtful consideration.
As we tour houses, I'll make sure to communicate when the list price has room for bargaining and also when I believe the home is "priced to sell."
Be on guard and make sure you ask your agent plenty of questions, as any real estate agent in Springfield will tell you they comprehend the housing market.
If it seems like they don't know everything, contact me at (417) 849-2213 or e-mail me at OzarksLandMan@yahoo.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream house in the Springfield area. When that happens, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as acquiring financing, completing the inspection, and a clear title.
When we present your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property and is often put towards the closing costs. If your offer is accepted, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Secure financing
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this shouldn't take long at all, but you'll want to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will most likely be a smooth and relaxed event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at (417) 849-2213 or send me an e-mail.
