Purchasing a home is an intimidating event for many people. However, with a bit of up-front planning, it isn't very complicated.
I like to give buyers a road map of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at julie@positivedirectionsrealty.com.
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Step 1 – Prepare to purchase a home
There are plenty of things you need to consider before you start looking for a home.
You'll probably want to make an outline of items you want to have, get a feel for what school districts and neighborhoods you want to live in, and begin working on your budget.
A good guideline to follow is that your mortgage payment should be a third of your monthly income.
Step 2 – Communicate with a real estate agent in Sterling Heights
This is where Positve Directions Realty comes in.
We can plan 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 neighborhoods, schools in the Sterling Heights area, the mortgage industry, and any additional economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Sterling Heights, and I work with a lot of them, so you'll be in great hands.
They will assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After we meet, I'll start looking for available houses on the market that are a good fit for you.
I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we view the homes, I'll show you the good features, as well as bad ones. And I'll ask you about things you like and don't like.
Generally, buyers revise their wish list as we view houses and some items become more crucial than others.
If that's the situation, I'll go back through all the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My knowledge of the Sterling Heights home market is a fundamental asset in your house search. I'm conscious of all the neighborhoods and schools, and I can let you know what districts are "hot" and warrant prompt action and others that are "cool" and allow for more examination.
When we view houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I know the home is "priced to sell."
Trust your instincts and make sure you ask your agent lots of questions, as every real estate agent in Sterling Heights will convince you they truly understand the home market.
If it doesn't seem like they know everything, contact me at (248) 883-1100 or e-mail me at julie@positivedirectionsrealty.com, and I'll be happy to answer any questions you have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in Sterling Heights, and when that happens, I'll meticulously develop your purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we present your offer, you'll likely need to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer. It's widely common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Secure a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this won't be a long process at all. But you need to keep in close contact with your lender.
And I'll handle all the property information your lender needs 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. RESPA requirements order that it has to involve all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (248) 883-1100 or send me an e-mail.
