Buying a home is stressful for many people, but it's not that difficult with a bit of planning ahead of time. So you understand exactly what to expect, I like to supply my buyers with a road map of the whole deal. Below are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are many things you need to contemplate before you start looking for a home. When you start your search, you'll probably want to form a check list of features you want, get an idea of what school districts and neighborhoods you want to live in, and start planning your budget. A good rule to adhere to is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent
This is where I come in. We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss neighborhoods, school districts in the York area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I'll also help you begin the loan process. Prudential Bob Yost Homesale Services works with some of the best mortgage professionals in York, so you're in great hands. They will help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, I'll begin searching for houses on the market that are great for you. I'll research many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we view the houses, I'll show you the good features, as well as bad ones. I'll also ask you to tell us about things you like and don't like. Usually, buyers amend their wish list as we view houses and some things become far more crucial than others. If that's the situation, I'll look through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
An agent's awareness of the York home market is a necessary component in your house search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can communicate certain districts are "hot" and require prompt action and the ones that are "cold" and allow for careful consideration.
When we tour houses, I'll make sure to communicate when the asking price has room for bargaining and also when I trust the house is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR® in York will convince you they know the market. If it seems like they don't know everything, contact me at (717) 757-7811 or e-mail me at jcleaver@prudentialhomesale.com, and I'd be happy to answer your questions. 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 York. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
When we turn in your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is often applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Get financing
Upon finalizing the deal, you'll begin working with your mortgage lender to close the loan. This won't take very long at all if you've been pre-approved, but you'll want to keep in close contact with your lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your loan application. This estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and is often a smooth and peaceful occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (717) 757-7811 or send me an e-mail.
