Contemplating buying a home? Melissa Petsco can help.
For most people, buying a home can be a stressful event. However, with a little up-front planning, it isn't that hard. I like to provide buyers with a road map of the entire deal so they understand exactly what to expect. Here are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are several things you should do prior to commencing your home search. You'll most likely want to create a checklist of items you need to have, get a feel for what neighborhoods you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than a third of your net monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent
That's where I can help. I can plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I can also help you start the loan process. I works with some of the finest mortgage professionals, so you're in great hands. They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll begin finding houses on the market that best suit you. I'll get a sneak peek of most of the houses and eliminate the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we view the houses, I'll point out positive features and bad ones. I'll even ask you to tell me about things you like and dislike. Oftentimes, buyers update their wish list as we view homes and some features become far more crucial than others. If such is the case, I'll go back through the listings once more and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My awareness of the housing market is a necessary asset in your home search. I'm acquainted with all the neighborhoods and school districts, and I will communicate some districts are "hot" and demand immediate action and the others that are "cold" and allow for careful consideration.
When we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, trust your instincts and make sure you ask a lot of questions. Any real estate agent will tell you they truly understand the market. If it doesn't seem like they know everything, contact me at (631) 433-0327 or e-mail me at firstname.lastname@example.org, and I'll be happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams. When that happens, I'll meticulously create your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When submitting your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property. The amount is typically put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's extremely common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Get financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan. If you've been pre-approved, it won't be a long process at all. However, you need to stay in close contact with your mortgage lender. And I'll deal with 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 receiving your loan application. The estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at (631) 433-0327 or send me an e-mail.