Buying a home can be stressful for most people, but with a bit of planning ahead of time, it's not all that hard. We would like to provide buyers with a road map of the whole deal so they'll know exactly what they can expect. Here are our nine steps to purchasing a home.
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If you have any questions about this information or if you're ready to get started, simply contact us here or e-mail us at realestateone1st@yahoo.com. |
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Step 1 – Prepare to purchase a home
There are a lot of things you need to contemplate before beginning your home search. You'll most likely want to create a list of features you need, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in Holt
This is where our Agents can help. We can set up 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 the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Greater Lansing and surrounding areas.
We can also help you facilitate the loan process. There are some great mortgage professionals in the Greater Lansing and surrounding areas, and we work with a lot of them, so you're 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 looking for a house
Following your first meeting with one of our Agents, you can start finding available houses on the market that meet your needs. We'll preview many of the homes and eliminate the "duds", and then we'll set up appointments to view the houses whenever it's most convenient for you.
When you tour the houses, your Agent will point out positive features, as well as bad ones. They will also ask you to tell them about things you like and don't like. It's widely common for buyers to update their wish list as they view houses and some features become more crucial than others. If that happens, you can go back through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Know the housing market
Our agent's knowledge of the local housing market is a crucial asset in your home search. We are all very conscious of all the schools and neighborhoods, and will alert you to which districts are "hot" and demand immediate action and some that are "cold" and allow for cautiousness.
As you view houses, your Agent will make sure to communicate if the list price has room for bargaining or if they believe the house is "priced to sell." Any real estate agent will convince you they understand the housing market, but trust your instincts, and make sure you ask your agent plenty of questions. If things don't add up, contact us at 517-694-1121 or e-mail us at realestateone1st@yahoo.com, and we would be more than happy to answer any questions you have. Our understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
We certain we'll find the house of your dreams! When you do, your Agent will write up your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When presenting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is usually put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions. In addition, we'll work within your financing limits. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll start working with your lender to close the loan. This shouldn't take long at all if you're pre-approved, but you should to keep in close contact with your lender. And we will deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your loan application. This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy, and we will review the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call us at 517-694-1121 or send us an e-mail.
