For most people, purchasing a home can be an intimidating event. But with a bit of up-front planning, it's not all that complex. We like to supply buyers with an outline of the whole deal so they'll understand exactly what they can expect. Here are our nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are plenty of things you need to do prior to beginning your home search. It's likely that you'll want to assemble a check list of must-have features, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent
This is where we can help. We'd love to set up a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans. We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Seneca area.
We can also help you facilitate the loan process. There are some excellent mortgage professionals in Seneca, and we work with a lot of them, so you're in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for homes
After we meet for the first time, we'll start looking for available homes on the market that meet your needs. We'll research most of the houses and throw out the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we view the homes, We'll identify good features, as well as bad ones. We'll also ask you about things you like and don't like. Generally, buyers update their list of must-haves as we tour homes and some features become far more important than others. If that happens, We'll look through all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Understand the housing market
Our knowledge of the Seneca housing market is a valuable resource in your search. We are mindful of all the neighborhoods and schools, and can communicate what districts are "hot" and call for immediate action and the others that are "cold" and allow for careful analysis.
When we view homes, we'll be sure to tell you when the list price has room for negotiation and also when we know the home is "priced to sell." Every REALTOR® in the Upstate will convince you they truly understand the housing market, but keep an eye out, and make sure you ask your agent plenty of questions. If it doesn't seem like they know everything, contact us at (864) 885-1445 or e-mail us at firstname.lastname@example.org, and we'll be glad to answer any questions you have. Our market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
We are certain we'll find your dream home in the Upstate and when that happens, we'll carefully develop your purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, we never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's typically applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer. It's really common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Secure financing
Upon completing the contract, you'll start working with your mortgage lender to close the loan. If you're pre-approved, this won't take much time at all, but you'll want to keep in close contact with your lender. And we'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of getting your loan application. This estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy, and we'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will most likely be a smooth and peaceful 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, simply call us at (864) 885-1445 or send us an e-mail.