For many people, buying a home is a stressful event. However, with some planning ahead of time, it's not too confusing. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the entire deal. These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are plenty of things you should take into account before you look for a home. You'll most likely want to form a list of must-haves, get a feeling for what neighborhoods you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good principle to follow.
Step 2 – Get with a real estate agent in Amherst
This is where Virtual Homes Real Estate 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 plans for the future. We'll discuss neighborhoods, schools in the Amherst area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you get started on your loan. There are some excellent mortgage professionals in Amherst, and I work with a lot of them, so you'll be in great hands. They'll assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
Following our first meeting, I'll start searching for available houses on the market that best suit you. I'll get a sneak peek of most of the homes and exclude the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour houses, I'll call attention to positive features, as well as negative ones. I'll even ask you about things you like and don't like. It's pretty common for buyers to update their must-have list as we tour houses and some things become far more crucial than others. If that's the situation, I'll go back through the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the Amherst market is a leading aspect in your home search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I'll let you know which districts are "hot" and require immediate action and some that are "cold" and allow for thoughtful examination.
When we view homes, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions, as any REALTOR® in Amherst will tell you they comprehend the home market. If things don't add up, call me at 603-732-1800 or e-mail me at scott.beard@virtualhomes.com, and I'd be happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find the home of your dreams in Amherst. When we do, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When turning in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is usually applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the contract. 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 – Get a loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan. It shouldn't be a long process at all if you're already pre-qualified, but you need to stay in close contact with your mortgage lender. And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of taking your loan application. 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 is based on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most often occur at a title company or escrow office and should be a smooth and calm occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at 603-732-1800 or send me an e-mail.
