Contemplating buying a new home in Murphy?
Purchasing a home is an intimidating event for most people, but with a bit of planning ahead of time, it's not too hard.
So they know exactly what they can expect, I like to give buyers an outline of the whole deal.
These are my nine steps to buying a home.
If you have any questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you start looking for a home, there are plenty of things you need to consider.
You'll want to form a check list of features you want, get a feel for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is around 1/3 of your monthly income is a good principle to adhere to.
Step 2 – Connect with a real estate agent
That's where I come in.
I'd love to schedule a time to meet with you and communicate with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Murphy area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
I partner with some of the best mortgage professionals in Murphy, so you can rest assured that you're in great hands.
They'll assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin looking for available homes on the market that suit your needs.
I'll get a sneak peek of many of the houses and ignore the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
When we view houses, I'll identify good features and bad ones. And I'll ask you what things you like and dislike.
It's common for buyers to update their wish list as we tour houses and some features become more substantial than others.
If such is the case, I'll go back through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Know the market
My awareness of the Murphy housing market is a fundamental element in your house search. I am informed of all the school districts and neighborhoods, and I can alert you to what neighborhoods are "hot" and require immediate action and some that are "cold" and allow for cautiousness.
When we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions. Every real estate agent will tell you they know the housing market.
If it seems like they don't know everything, contact me at 828-835-8500 or e-mail me at , and I'd be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I know we'll find the home of your dreams in Murphy. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's most often put towards the cost of closing. If the offer is accepted, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's widely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, this shouldn't take much time at all. But you'll need to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will probably occur at a title company or escrow office and is often a smooth and relaxed event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 828-835-8500 or e-mail me at .