Purchasing a home can be stressful for a lot of people, but it isn't too difficult with some up-front planning. I like to supply buyers with an overview of the whole deal so they'll know exactly what they can expect. These are my nine steps to purchasing a home.
 |
 |
 |
Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at bryan@olmstedproperties.com. |
|
|
|
|
Step 1 – Get ready to buy
Before you begin your home search, there are plenty of things you'll want to do. When you begin your search, you'll probably want to make a list of features you need to have, plan for what school districts and neighborhoods you'd like to live in, and begin planning your budget. A good rule of thumb to adhere to is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Contact a real estate agent
This is where I can help. We can book 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 and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Rochester area.
I'll also help you facilitate the loan process. I partner with some of Rochester's best mortgage professionals, so you'll be in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Get your loan
Once we sign the final contract, you'll start working with your lender to close the loan. If you're already pre-qualified, it won't be a long process at all, but you'll want to stay in close contact with your mortgage lender. And I'll take care of all the property information your lender needs to close the loan.
Step 4 – Start house-hunting
Following our initial meeting, I'll begin finding available houses on the market that meet your needs. I'll get a sneak peek of many of the homes and throw out the bad ones, and then we'll book appointments to view the houses when it's convenient for you.
As we view the homes, I'll show you the positive features and negative ones. And I'll ask you to point out what things you like and dislike. It's widely common for buyers to revise their must-have list as we view homes and some features become far more essential than others. If such is the case, I'll search the listings one more time and narrow it down to the home you've been wishing for.
Step 5 – Get a grasp of the housing market
My understanding of the Rochester housing market is a fundamental benefit in your search. I am familiar with all the neighborhoods and school districts, and I will let you know which areas are "hot" and require prompt action and some that are "cold" and allow for more examination.
When we tour homes, I'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell." Be careful and make sure you ask lots of questions, as any real estate agent will claim to truly understand the market. If things don't add up, contact me at 507.202.0995 or e-mail me at bryan@olmstedproperties.com, and I'll be happy to answer your questions. My market expertise will keep you a step ahead through the entire process.
Step 6 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in Rochester, and when we do, I'll thoroughly create your purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is typically put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 7 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a contract that works well for you.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This should occur at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 507.202.0995 or send me an e-mail.