For most people, buying a home can be an intimidating event. However, with some up-front planning, it's not very complicated.
I like to furnish buyers with a road map of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to soldbyrachel@mac.com. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to buy
Before you begin searching for a home, there are plenty of things you should consider.
When you begin your search, you'll probably want to make a check list of items you want to have, plan for what school districts and neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in Pierre
That's where I come in.
We'll arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Pierre area.
I can also help you start the loan process.
Premier Property partners with some of Pierre's best mortgage professionals, so you'll be in great hands.
They can assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start finding homes on the market that are good for you.
I'll research many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view houses, I'll call attention to good features, as well as negative ones. I'll even ask you to tell us about things you like and don't like.
Usually, buyers update their must-have list as we view houses and some things become far more crucial than others.
If that's the situation, I'll look through the listings once again and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
My knowledge of the Pierre market is a necessary resource in your search. I am mindful of all the school districts and neighborhoods, and I can communicate what areas are "hot" and warrant immediate action and the ones that are "cool" and allow for careful analysis.
As we view houses, I'll make sure to communicate when the asking price has room for bargaining and also when I trust the home is "priced to sell."
Be mindful and make sure you ask lots of questions, as any real estate agent will tell you they know the home market.
If things don't add up, call me at (605) 494-4663 or e-mail me at soldbyrachel@mac.com, and I'd be happy to answer any questions you have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream house in the Pierre area. When we do, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, carrying out the inspection, and a clean title.
When turning in your offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's very common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain financing
After the contract is finished, you'll start working with your lender to close the loan.
This shouldn't take long at all if you've been pre-qualified, but you should to keep in close contact with your lender.
And I'll deal with 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) of your closing costs from your lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (605) 494-4663 or send me an e-mail.
