Purchasing a home in with Kerry Mills
Purchasing a home is intimidating for most people, but with a little planning ahead of time, it's not too hard. We like to supply buyers with an overview of the entire deal so they'll know exactly what to expect. These are our nine steps to purchasing a home.
When you're ready to get started, simply contact us here or send us e-mail. I'm happy to address any questions you have about this information.
Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are many things you'll want to do. When you begin your search, you'll probably want to create a check list of features you need, get a plan of what neighborhoods and school districts you want to live in, and start working on your budget. Ensuring your mortgage payment is no more than a third of your monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent
That's where we can help. We'd love to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, we'll help you begin the loan process. There are some very good mortgage professionals in , and we partner with a lot of them, so you're in great hands. They can assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet for the first time, we'll start finding available houses on the market that best suit you. We'll research most of the houses and reject the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we view houses, we'll point out good features and bad ones. we'll even ask you about things you like and don't like. It's common for buyers to revise their list of must-haves as we tour houses and some items become more crucial than others. If that's the situation, we'll go back through all the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Our knowledge of the housing market is a valuable advantage in your search. We're mindful of all the neighborhoods and schools, and we can alert you to some areas are "hot" and call for prompt action and the others that are "cool" and allow for more examination.
When we tour houses, we'll be sure to tell you if the asking price has room for bargaining or if we believe the house is "priced to sell." Be careful and make sure you ask your agent lots of questions, as every real estate agent will claim to comprehend the market. If things don't add up, call us at (704) 896-2000 or e-mail us at firstname.lastname@example.org, and we'd be glad to answer any questions you might have. Our market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
We know we'll find the home of your dreams in . When we do, we'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
Upon submitting your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's typically applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Get your loan
After the contract is finished, you'll begin working with your lender to close the loan. This won't take much time at all if you're already pre-approved, but you need to keep in close contact with your lender. And we'll look after all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your application. The estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy, and we'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most often be a smooth and relaxing occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call us at (704) 896-2000 or send us an e-mail.