Purchasing a home is stressful for many people, but with a bit of up-front planning, it's not very confusing.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to martyw@wilsonprorealty.com. I'm happy to address questions you have regarding this information.
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Step 1 – Get ready to purchase
There are many things you'll want to do prior to starting your home search.
You'll probably want to assemble an outline of features you need to have, get an idea of what school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent
That's where I can help.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Holts Summit area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Holts Summit, and I work with a lot of them, so you'll be in great hands.
They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll begin searching for available houses on the market that best suit you.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we view homes, I'll point out positive features and bad ones. I'll even ask you about things you like and don't like.
Frequently, buyers update their must-have list as we view homes and some things become far more necessary than others.
If that's the case, I'll look through all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Holts Summit housing market is a leading component in your house search. And I can assure you I'm conscious of all the neighborhoods and schools, and I will communicate what areas are "hot" and demand immediate action and the ones that are "cool" and allow for cautiousness.
As we tour homes, I'll be sure to tell you when the list price has room for negotiation and also when I think the home is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Any REALTOR® in Holts Summit will convince you they comprehend the housing market.
If it doesn't seem like they know everything, just call me at 573-301-0045 or e-mail me at martyw@wilsonprorealty.com, and I'll be more than happy to answer your questions. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream house in Holts Summit. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer. It's very common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Obtain financing
Once the deal is signed, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take long at all, but you need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of getting your loan application.
This estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a precise range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply call me at 573-301-0045 or send me an e-mail.
