Purchasing a home is intimidating for most people, but it isn't all that hard with a little planning ahead of time.
So you'll understand exactly what to expect, I like to supply my buyers with an overview of the whole deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy
Prior to beginning your home search, there are a lot of things you need to consider.
When you start your search, you'll probably want to assemble a check list of items you need, get a feeling for what neighborhoods you'd like to live in, and begin planning around 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
That's where I come in.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Hurricane area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
Access Utah Realty, Roger Downward, Owner-Broker partners with some of Hurricane's finest mortgage professionals, so you'll be in great hands.
They can assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
Following our initial meeting, I'll start looking for available homes on the market that are great for you.
I'll research many of the homes and reject the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
When we view the homes, I'll point out good features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
Frequently, buyers revise their wish list as we tour homes and some features become more necessary than others.
If such is the case, I'll look through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
An agent's knowledge of the Hurricane home market is a fundamental element in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can alert you to certain districts are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
As we tour houses, I'll be sure to tell you when the asking price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as any REALTOR® in Hurricane will convince you they understand the housing market.
If it doesn't seem like they know everything, just call me at 435-313-3079 or e-mail me at rdownward@aol.com, and I'll be more than happy to answer your questions. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find the house of your dreams in the Hurricane area. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Get your loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't be a long process at all, but you should to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should happen at a title company or escrow office and will probably be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just call me at 435-313-3079 or send me an e-mail.