Buying a home is an intimidating event for a lot of people, but it isn't too hard with a bit of planning ahead of time. I like to provide buyers with an outline of the entire deal so they'll know exactly what they can expect. Below are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you start looking for a home, there are many things you'll want to do. When you begin your search, you'll want to form a check list of features you need to have, get a feeling for what school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent in Springboro
This is where I come in. I'd love to schedule a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans. 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 Springboro area.
In addition, I'll assist you in getting started on your loan. There are some very good mortgage professionals in Springboro, and I partner with a lot of them, so you can rest assured that you're in great hands. They can assist you in determining 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 start looking for homes on the market that meet your needs. I'll research most of the houses and exclude the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view the houses, I'll call attention to positive features and bad ones. I'll also ask you to tell us about things you like and dislike. It's pretty common for buyers to change their list of must-haves as we view houses and some items become far more important than others. If that's the situation, I'll look through the listings once more and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My understanding of the Springboro home market is an indispensable benefit in your search. I am acquainted with all the schools and neighborhoods, and I'll alert you to some districts are "hot" and demand prompt action and others that are "cool" and allow for more consideration.
As we tour houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell." Be careful and make sure you ask your agent a lot of questions, as any REALTOR® will claim to truly understand the market. If it seems like they don't know everything, just call me at 937-748-0000 or e-mail me at tiffanie@tiffanieburney.com, and I'll be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream home in Springboro, and when that happens, I'll precisely develop your purchase offer. The offer will be made with your needs in mind. 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 we turn in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is often applied to the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's very common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the contract. In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Obtain a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, it won't be a long process at all. However, you need to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your application. This estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will probably occur at a title company or escrow office and is often a smooth and calm occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you contact me at 937-748-0000 or send me an e-mail.
