Buying your home
With some up-front planning, purchasing a home isn't very confusing, but the event is intimidating for a lot of people. So you'll know exactly what to expect, I like to furnish my buyers with an outline of the entire deal. Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or send me e-mail
. I'm happy to address any questions you have regarding this information.
Step 1 – Get ready to purchase a home
Before you begin your home search, there are plenty of things you'll want to consider. When you start your search, you'll want to make a list of items you want, get a feeling for what neighborhoods you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around a third of your net monthly income is a good rule of thumb to adhere to. Meet with your lender for a Pre-Approval letter.
Step 2 – Contact a real estate agent in Waterville
That's where I come in. I can plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, schools in the Waterville area, the mortgage and housing industries, and any additional economic factors that may affect your buying decision today or in the future.
I can also assist you with getting started on your loan. I work with some of the finest mortgage professionals in Waterville, so you can rest assured that 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 approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll begin searching for homes on the market that are a good fit for you. I'll research most of the houses and reject the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
As we tour homes, I'll point out positive features, as well as bad ones. I'll also ask you to talk about things you like and don't like. It's common for buyers to change their wish list as we tour homes and some items become more important than others. If that happens, I'll go back through all the listings another time and trim it down to the house you've been waiting for.
Step 4 – Know the market
An agent's understanding of the Waterville market is a necessary component in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll let you know some neighborhoods are "hot" and call for immediate action and the rest that are "cool" and allow for thoughtful consideration.
As we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell." Be careful and be sure to ask plenty of questions, as any REALTOR® in Waterville will convince you they understand the market. If things don't add up, call me at (207) 660-4007 or e-mail me at firstname.lastname@example.org, and I'd be more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the home of your dreams in the Waterville area. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
When sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is usually applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer, and it's pretty common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Secure a loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan. It won't take much time at all if you're pre-approved, but you'll want to stay in close contact with your mortgage lender. And I'll manage all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. This estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your home. This should occur at a title company or escrow office and will probably be a smooth and calm occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at (207) 660-4007 or send me an e-mail.