For most people, buying a home can be a stressful event. However, with a little planning ahead of time, it's not that complex.
I like to provide buyers with an outline of the entire deal so they understand exactly what they can expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are many things you should consider prior to beginning your home search.
When you start your search, you'll want to create an outline of features you need to have, get a plan of what school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to a third of your monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent in Springfield
This is where I come in.
We can arrange a time to meet 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 neighborhoods, schools in the Springfield area, the mortgage industry, and any additional economic factors that could affect your purchase today or in the future.
I'll also help you facilitate the loan process.
Charles Robbins Realtor partners with some of Springfield's best mortgage professionals, so you can rest assured that you're in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll start searching for homes on the market that best suit you.
I'll research most of the houses and throw out the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
Oftentimes, buyers revise their must-have list as we view homes and some things become far more necessary than others.
If that happens, I'll search all the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the market
An agent's knowledge of the Springfield housing market is a crucial aspect in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I will let you know what neighborhoods are "hot" and require prompt action and others that are "cool" and allow for more consideration.
As we tour houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Every real estate agent in Springfield will tell you they comprehend the market, but trust your instincts, and be sure to ask a lot of questions.
If it appears they don't know everything, just call me at 217.652.3385 or e-mail me at cldambach@aol.com, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find your dream house in Springfield. When we do, I'll meticulously create your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
When presenting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property and is usually applied to the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer. It's really common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the deal.
We'll also 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 – Secure a loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't be a long process at all, but you need to keep in close contact with your 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 supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely take place at a title company or escrow office and should be a smooth and peaceful 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 217.652.3385 or send me an e-mail.
