With some up-front planning, purchasing a home isn't all that confusing, but the event intimidates many people.
So you know exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
Prior to starting your home search, there are several things you need to do.
You'll probably want to make an outline of items you need, plan for what school districts and neighborhoods you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent in Americus
This is where Michael Dixon Realty can help.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Americus area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some very good mortgage professionals in Americus, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with deciding 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, I'll start finding houses on the market that meet your needs.
I'll research many of the houses and eliminate the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
When we tour houses, I'll identify good features and bad ones. And I'll ask you to talk about things you like and don't like.
It's pretty common for buyers to amend their wish list as we tour houses and some things become far more important than others.
If that's the case, I'll search the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
An agent's understanding of the Americus home market is a fundamental element in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll alert you to what areas are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions. Any real estate agent in Americus will claim to know the market.
If it appears they don't know everything, call me at 229-924-3089 or e-mail me at michael@ellaville-schley-homes-land.com, and I'd be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams in the Americus area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property and is often put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Secure financing
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
This shouldn't take long at all if you're already pre-qualified, but you need to keep in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your house. This should happen at a title company or escrow office and will likely be a smooth and comfortable affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 229-924-3089 or send me an e-mail.
