Purchasing a home intimidates many people, but with some planning ahead of time, it's not too difficult. So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal. Below are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to jackshingler@aim.com. I'm happy to address any questions you have regarding this information. |
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Step 1 – Get ready to purchase
Before you start searching for a home, there are several things you should consider. When you start your search, you'll want to create an outline of features you want to have, plan for what neighborhoods and school districts you want to live in, and start planning around your budget. A good rule of thumb to adhere to is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Get with a real estate agent
That's where I come in. We can book a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about 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 Murphy area.
I'll also assist you with getting started on your loan. ColdWell Banker High Country Realty partners with some of Murphy's best mortgage professionals, so you're in great hands. They will assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our first meeting, I'll start searching for houses on the market that meet your needs. I'll preview most of the homes and eliminate the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour the houses, I'll identify good features, as well as bad ones. And I'll ask you what things you like and don't like. It's pretty common for buyers to change their list of must-haves as we view houses and some features become far more essential than others. If that's the situation, I'll go back through the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Understand the housing market
My awareness of the Murphy market is a necessary asset in your home search. I am informed of all the schools and neighborhoods, and I will let you know certain districts are "hot" and require prompt action and the ones that are "cool" and allow for more examination.
When we view houses, I'll be sure to tell you when the list price has room for negotiation and when I trust the home is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Every REALTOR® in Murphy will tell you they truly know the housing market. If it doesn't seem like they know everything, contact me at 828-835-8500 or e-mail me at jackshingler@aim.com, and I'd be happy to answer any questions you have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream house in the Murphy area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's extremely common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain financing
Once we sign the final contract, you'll begin working with your lender to close the loan. If you're already pre-approved, this shouldn't take much time at all, but you need to stay in close contact with your mortgage lender. And I'll deal with 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) of your closing costs from your lender within three days of receiving your application. This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your house. This should happen at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 828-835-8500 or send me an e-mail.
