For most people, purchasing a home can be an intimidating event. However, with some up-front planning, it isn't too difficult.
I like to provide buyers with an overview of the whole deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
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If you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at jan@teamzupko.com.
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Step 1 – Prepare to purchase
There are many things you'll want to do before you start looking for a home.
When you begin your search, you'll probably want to make a checklist of features you need to have, get a feeling for what school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
This is where I come in.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Howell area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
There are some very good mortgage professionals in Howell, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After we meet for the first time, I'll start looking for homes on the market that are a great fit for you.
I'll preview most of the houses and throw out the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. I'll even ask you what things you like and don't like.
For the most part, buyers update their must-have list as we tour houses and some items become more necessary than others.
If that happens, I'll go back through the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
An agent's awareness of the Howell market is an imperative component in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I can alert you to which neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for more consideration.
When we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Every real estate agent will convince you they understand the home market.
If things don't add up, contact me at 810.220.7653 or e-mail me at jan@teamzupko.com, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream house in Howell. When that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind, including many contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
When sending in your offer, you'll probably need to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is most often put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer. It's really common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure financing
After we sign the final deal, you'll start working with your lender to close the loan.
It won't be a long process at all if you're already pre-qualified, but you'll want to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most often be a smooth and relaxing affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 810.220.7653 or send me an e-mail.
