Purchasing a home intimidates many people, but it isn't too complex with a little planning ahead of time.
I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to klimes@gmail.com. I'm happy to address any questions you have about this information.
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Step 1 – Prepare to buy a home
Before you begin searching for a home, there are plenty of things you'll want to consider.
You'll probably want to put together an index of must-have features, get a feeling for what school districts and neighborhoods you want to live in, and start planning your budget.
Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent in College Park
That's where I can help.
I'd love to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your upcoming 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 College Park area.
In addition, I'll help you start the loan process.
RE/MAX Sails, Inc. partners with some of the finest mortgage professionals in College Park, so you'll be in great hands.
They'll assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
Following our first meeting, I'll begin finding homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and remove the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
As we tour the houses, I'll point out good features and negative ones. And I'll ask you to talk about things you like and don't like.
It's widely common for buyers to revise their must-have list as we view houses and some items become far more important than others.
If such is the case, I'll go back through all the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
My awareness of the College Park housing market is a crucial benefit in your home search. I am conscious of all the schools and neighborhoods, and I can alert you to which neighborhoods are "hot" and warrant prompt action and some that are "cold" and allow for more examination.
When we view homes, I'll be sure to tell you if the list price has room for bargaining or if I believe the house is "priced to sell."
Every REALTOR® in College Park will tell you they understand the housing market, but take note, and be sure to ask your agent plenty of questions.
If it seems like they don't know everything, call me at 301-474-2400 or e-mail me at klimes@gmail.com, and I'll be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find the home of your dreams in the College Park area. When we do, I'll meticulously create your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
Upon turning in your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Get your loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you should to stay in close contact with your lender.
And I'll manage 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) outlining your closing costs from your lender within three days of receiving your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will probably be a smooth and relaxed affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at 301-474-2400 or send me an e-mail.
