For most people, buying a home can be a stressful event. However, with some up-front planning, it isn't all that hard.
I like to supply buyers with an outline of the entire deal so they know exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you begin searching for a home, there are many things you need to take into account.
You'll probably want to create a check list of features you need, get an idea of what neighborhoods you want to live in, and start working on your budget.
A good guideline to go by is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Lincoln
This is where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Lincoln area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Lincoln, and I work with a lot of them, so you'll be in great hands.
They can assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
Following our initial meeting, I'll start looking for houses on the market that are a good fit for you.
I'll preview many of the homes and reject the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll identify positive features, as well as negative ones. I'll also ask you to tell us about things you like and dislike.
Usually, buyers change their must-have list as we tour homes and some features become more crucial than others.
If that's the situation, I'll look through the listings once more and narrow it down to the home of your dreams.
Step 4 – Know the market
My awareness of the Lincoln housing market is a valuable advantage in your home search. I'm mindful of all the neighborhoods and schools, and I will let you know which districts are "hot" and warrant prompt action and others that are "cool" and allow for careful examination.
As we view houses, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent in Lincoln will convince you they comprehend the market, but be careful, and make sure you ask your agent a lot of questions.
If it seems like they don't know everything, call me at 916-359-1760 or e-mail me at mario@americandream2000.com, and I'd be more than happy to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in Lincoln, and when we do, I'll thoroughly create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is most often applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move 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 deal that is best for you.
Step 7 – Secure financing
Once the contract is finished, you'll start working with your lender to close the loan.
This won't be a long process at all if you're pre-approved, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your lender will need 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 getting your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and hassle-free occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 916-359-1760 or send me an e-mail.
