For a lot of people, buying a home is a stressful event. But with some planning ahead of time, it's not all that complicated.
So you know exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
 |
 |
 |
If you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at labrown2@aol.com.
|
|
|
|
|
Step 1 – Prepare to purchase a home
There are several things you'll want to take into account prior to commencing your home search.
You'll probably want to make a checklist of items you want to have, get a plan of what neighborhoods you want to live in, and start planning around your budget.
A good rule to adhere to is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Contact a real estate agent
That's where I come in.
We'll book 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 everything from neighborhoods, school districts in the Richmond area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I work with some of Richmond's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After our first meeting, I'll begin looking for homes on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and remove the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.
As we tour houses, I'll identify positive features and negative ones. I'll also ask you what things you like and don't like.
It's widely common for buyers to update their wish list as we view houses and some things become more substantial than others.
If that's the situation, I'll search all the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the market
My awareness of the Richmond market is a crucial advantage in your home search. I'm mindful of all the neighborhoods and schools, and I will alert you to which neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll be sure to tell you if the seller's list 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 lots of questions. Every real estate agent will claim to truly know the market.
If things don't add up, contact me at 804-743-7004 or e-mail me at labrown2@aol.com, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the house of your dreams in the Richmond area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
When turning in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is typically put towards the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain your loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't be a long process at all, but you'll need to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will probably be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at 804-743-7004 or send me an e-mail.