Buying a home is stressful for most people. However, with some up-front planning, it's not too complicated. So you'll know exactly what to expect, I like to furnish my buyers with an overview of the entire deal. These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to cheryl@cfallen.com. I'm glad to address questions you have regarding this information. |
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Step 1 – Prepare to purchase
There are many things you need to consider prior to commencing your home search. You'll probably want to assemble a check list of must-haves, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget. A good rule of thumb to go by is that your mortgage payment should be no more than 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent
That's where I come in. I'd love to schedule a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans. We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Estero area.
In addition, I'll help you facilitate the loan process. There are some very good mortgage professionals in Estero, and I partner with a lot of them, so you can rest assured that you're in great hands. They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
Following our initial meeting, I'll begin looking for houses on the market that suit your needs. I'll research most of the homes and ignore the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we tour homes, I'll identify positive features, as well as negative ones. I'll even ask you about things you like and dislike. Usually, buyers change their list of must-haves as we tour homes and some features become more important than others. If that's the case, I'll look through the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Understand the housing market
An agent's awareness of the Estero home market is a crucial element in your home search. And I can assure you I'm informed of all the neighborhoods and school districts, and I will let you know some neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for more consideration.
As we tour houses, I'll make sure to communicate when the list price has room for bargaining and when I believe the home is "priced to sell." When working with an agent, be on guard and be sure to ask a lot of questions, as every REALTOR® will convince you they understand the market. If it appears they don't know everything, contact me at 239-908-2400 or e-mail me at cheryl@cfallen.com, and I'd be glad to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams in the Estero area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as getting financing, completing the inspection, and a clean title.
When we present your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property. The amount is usually applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal. In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get a loan
After the deal is complete, you'll begin working with your lender to close the loan. It shouldn't take long at all if you're pre-qualified, but you'll 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 send you a Good Faith Estimate (GFE) of your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your loan application. This estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will most likely be a smooth and relaxing event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 239-641-6090 or send me an e-mail.
