Purchasing a home is a stressful event for many people. However, with a bit of planning ahead of time, it isn't that hard.
I like to provide buyers with a road map of the entire deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are a lot of things you need to consider before commencing your home search.
It's likely that you'll want to form a list of features you need to have, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Contact a real estate agent
That's where I come in.
I'd be more than happy to plan a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Georgetown area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I'll also help you facilitate the loan process.
RE/MAX Real Estate Centre Inc Brokerage works with some of Georgetown's finest mortgage professionals, so you'll be in great hands.
They can assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll begin finding available homes on the market that are a good fit for you.
I'll get a sneak peek of many of the homes and remove the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we tour the homes, I'll call attention to positive features and negative ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to update their must-have list as we view homes and some things become more crucial than others.
If that's the situation, I'll go back through the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
My awareness of the Georgetown home market is a necessary benefit in your home search. I'm mindful of all the school districts and neighborhoods, and I will communicate what areas are "hot" and call for prompt action and the ones that are "cold" and allow for careful consideration.
As we view houses, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Any REALTOR® will tell you they comprehend the market.
If things don't add up, contact me at 905-877-5211 or e-mail me at contactus@theleporeteam.ca, and I'd be more than happy to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm confident we'll find the home of your dreams in the Georgetown area. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as acquiring financing, completing the home inspection, and a clear title.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's most often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to take the counter offer, submit 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 budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Secure financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't take much time at all. However, you need to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 905-877-5211 or send me an e-mail.
