Buying a home intimidates many people, but it's not very complex with a bit of planning ahead of time.
So you understand exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to buying a home.
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Should you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at Errol@ErrolWuertz.com.
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Step 1 – Get ready to buy
Before you start looking for a home, there are several things you should consider.
When you start your search, you'll want to make an index of features you want to have, get a plan of what neighborhoods you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good rule to go by.
Step 2 – Speak with a real estate agent
That's where I can help.
We can plan a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Hays area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
Heartland Realty of Hays, LLC works with some of the best mortgage professionals in Hays, so you can rest assured that you're in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll begin searching for homes on the market that are a great fit for you.
I'll preview most of the homes and exclude the duds, and then we'll set up appointments to view the homes when it's most convenient for you.
When we tour the houses, I'll identify good features, as well as negative ones. I'll also ask you what things you like and dislike.
It's pretty common for buyers to update their wish list as we tour homes and some things become far more substantial than others.
If that happens, I'll go back through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My awareness of the Hays market is an indispensable advantage in your house search. I'm conscious of all the school districts and neighborhoods, and I will communicate what districts are "hot" and warrant immediate action and others that are "cold" and allow for more examination.
As we view houses, I'll let you know when the asking price has room for bargaining and when I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as every real estate agent will claim to understand the home market.
If things don't add up, call me at 7856217272 or e-mail me at Errol@ErrolWuertz.com, and I'll be glad to answer any questions you have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find the house of your dreams in Hays. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are acquiring financing, completing the inspection, and a clean title.
When we turn in your offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property. The amount is usually put towards the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing limits. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Secure a loan
After the contract is complete, you'll begin working with your lender to close the loan.
If you've been pre-qualified, it shouldn't be a long process at all, but you should to keep in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and should be a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 7856217272 or send me an e-mail.