For most people, purchasing a home can be an intimidating event. But with a little up-front planning, it's not all that confusing.
I like to give buyers an overview of the entire deal so they know exactly what they can expect.
Here are my nine steps to buying a home.
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Should you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at donnreal@aol.com.
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Step 1 – Prepare to purchase a home
There are plenty of things you'll want to do before you start looking for a home.
You'll want to form a list of features you need to have, get a plan of what neighborhoods you want to live in, and start planning around your budget.
A good guideline to adhere to is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent
This is where I can help.
We'll set up 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 discuss the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Marlborough area.
I'll also assist you with getting started on your loan.
There are some great mortgage professionals in Marlborough, and I work with a lot of them, so you'll be in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin your search
After we meet for the first time, I'll begin finding homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we tour the homes, I'll show you the positive features and bad ones. And I'll ask you what things you like and dislike.
It's pretty common for buyers to amend their must-have list as we tour homes and some features become more important than others.
If such is the case, I'll look through all the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Understand the market
My awareness of the Marlborough housing market is an indispensable benefit in your home search. I am familiar with all the neighborhoods and school districts, and I can communicate which areas are "hot" and call for prompt action and others that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll let you know when the list price has room for negotiation and when I think the home is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any real estate agent in Marlborough will convince you they truly understand the market.
If it seems like they don't know everything, just call me at (508) 303-3434 or e-mail me at donnreal@aol.com, and I'll be more than happy to answer any questions you may have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
We'll find the home of your dreams in Marlborough, and when we do, I'll thoroughly create your home purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When presenting your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is often applied to the cost of closing. If your offer is accepted, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer – it's really common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Obtain financing
Upon signing the contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll deal with 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) detailing closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will most likely be a smooth and hassle-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (508) 303-3434 or send me an e-mail.
