With some up-front planning, buying a home isn't too complicated, but the event intimidates many people.
So you know exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
Prior to starting your home search, there are a lot of things you should consider.
When you begin your search, you'll want to create a list of features you want to have, get an idea of what neighborhoods you want to live in, and start planning around your budget.
A good rule to go by is that your mortgage payment should be a third of your net monthly income.
Step 2 – Speak with a real estate agent
This is where Gass Real Estate Co. can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Oak Ridge area.
I'll also assist you in getting started on your loan.
Gass Real Estate Co. works with some of the best mortgage professionals in Oak Ridge, so you can rest assured that you're in great hands.
They can assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin searching for houses on the market that best suit you.
I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
As we tour the houses, I'll identify good features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to revise their must-have list as we tour houses and some features become more crucial than others.
If such is the case, I'll look through all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My awareness of the Oak Ridge market is an indispensable asset in your house search. I'm conscious of all the schools and neighborhoods, and I will alert you to some neighborhoods are "hot" and require prompt action and others that are "cool" and allow for more analysis.
As we tour houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
Be on guard and be sure to ask lots of questions, as every real estate agent will convince you they understand the market.
If things don't add up, call me at 865-483-7463 or e-mail me at realestaterex@bellsouth.net, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I'm positive we'll find the home of your dreams in the Oak Ridge area, and when that happens, I'll precisely 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 sending in your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is usually applied to the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a vital role in 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 contract that works well for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this won't be a long process at all. But you should to keep in close contact with your mortgage lender.
And I'll care for 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) outlining your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy. I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your home. This should take place at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at 865-483-7463 or send me an e-mail.
