Buying a home intimidates a lot of people, but it isn't that confusing with a bit of up-front planning.
So you understand exactly what to expect, I like to give my buyers a road map of the whole deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are a lot of things you'll want to take into account before starting your home search.
When you begin your search, you'll want to create a list of items you need to have, plan for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent
That's where I come in.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Dayton area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I'll also help you facilitate the loan process.
Bob Edwards Realty works with some of the best mortgage professionals in Dayton, so you'll be in great hands.
They will assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start looking
Following our first meeting, I'll start looking for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and ignore the bad ones, and then we'll book appointments to tour the homes whenever it's most convenient for you.
As we tour the homes, I'll point out positive features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we tour homes and some things become far more crucial than others.
If that's the situation, I'll go back through all the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the Dayton housing market is a valuable asset in your home search. I am acquainted with all the neighborhoods and school districts, and I'll let you know certain areas are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you when the list price has room for bargaining and when I think the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Any REALTOR® in Dayton will convince you they understand the market.
If it seems like they don't know everything, contact me at (936) 258-8051 or e-mail me at firstname.lastname@example.org, and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find the house of your dreams in Dayton. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as getting financing, completing the inspection, and a clean title.
When we send in 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 is usually put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
This won't be a long process at all if you're pre-qualified, but you need to stay in close contact with your lender.
And I'll take care of 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) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will probably occur at a title company or escrow office and should be a smooth and easygoing affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply call me at (936) 258-8051 or send me an e-mail.