Purchasing a home is stressful for most people. However, with some planning ahead of time, it's not very hard. I like to give buyers a road map of the whole deal so they know exactly what they can expect. Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are several things you'll want to contemplate before you start searching for a home. When you start your search, you'll want to form an index of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin working on your budget. Keeping your mortgage payment around 30 percent of your net monthly income is a good rule to go by.
Step 2 – Contact a real estate agent in Colleyville
This is where I can help. I'd be happy to set up a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Colleyville area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process. There are some great mortgage professionals in Colleyville, and I partner with a lot of them, so you're in great hands. They'll assist you with determining which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
Following our first meeting, I'll start looking for houses on the market that are great for you. I'll get a sneak peek of many of the houses and throw out the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we tour houses, I'll identify good features, as well as negative ones. I'll even ask you about things you like and dislike. Frequently, buyers change their must-have list as we view houses and some items become far more necessary than others. If that happens, I'll search the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
An agent's understanding of the Colleyville home market is a fundamental component in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I will let you know some areas are "hot" and call for immediate action and some that are "cold" and allow for thoughtful consideration.
When we tour homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions, as every real estate agent will claim to comprehend the home market. If things don't add up, call me at 817-886-9110 or e-mail me at Sam@dasherrealestate.com, and I'll be more than happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream home in the Colleyville area. When that happens, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's usually applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain financing
After the deal is complete, you'll begin working with your lender to close the loan. If you're already pre-approved, it shouldn't take much time at all, but you need to stay in close contact with your lender. And I'll manage 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) detailing your closing costs from your lender within three days of getting your application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your house. This will probably happen at a title company or escrow office and should be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at 817-886-9110 or send me an e-mail.
