Purchasing a home intimidates a lot of people, but it's not too complicated with a bit of up-front planning. So you know exactly what to expect, I like to supply my buyers with an outline of the whole deal. Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to LockSells@aol.com. I'm happy to answer questions you have about this information. |
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Step 1 – Get ready to buy
There are many things you should contemplate before beginning your home search. When you start your search, you'll probably want to assemble a check list of features you want, get an idea of what neighborhoods you want to live in, and begin planning your budget. Ensuring your mortgage payment is around a third of your monthly income is a good principle to follow.
Step 2 – Contact a real estate agent in Woodbridge
This is where I can help. We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, schools in the Woodbridge area, the mortgage industry, and any additional economic factors that may affect your buying decision today or in the future.
I can also assist you with getting started on your loan. There are some very good mortgage professionals in Woodbridge, and I partner with a lot of them, so you'll be in great hands. They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll start searching for available houses on the market that are great for you. I'll preview most of the houses and reject the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
As we view homes, I'll show you the positive features, as well as negative ones. And I'll ask you about things you like and don't like. It's pretty common for buyers to change their must-have list as we tour homes and some items become more necessary than others. If that's the case, I'll look through all the listings again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the housing market
My knowledge of the Woodbridge home market is an essential asset in your home search. I am conscious of all the school districts and neighborhoods, and I can let you know certain neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for cautiousness.
When we view houses, I'll be sure to tell you when the seller's asking price has room for negotiation and when I trust the home is "priced to sell." Any real estate agent will convince you they know the market, but take notice, and be sure to ask your agent a lot of questions. If it doesn't seem like they know everything, call me at 703-402-0488 or e-mail me at LockSells@aol.com, and I'd be happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
I know we'll find your dream house in Woodbridge. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as obtaining financing, completing the home inspection, and a clear title.
Upon submitting your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property, and it's typically applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's widely common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to accept the counter offer, propose 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. We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Get your loan
Once the deal is finished, you'll start working with your lender to close the loan. It won't take long at all if you're pre-qualified, but you'll need to stay in close contact with your lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 703-402-0488 or send me an e-mail.
