Purchasing a home is stressful for many people, but with a bit of up-front planning, it isn't too complicated.
So you know exactly what to expect, I like to give my buyers a road map of the whole deal.
Here are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are several things you need to contemplate before you look for a home.
When you start your search, you'll probably want to put together a check list of items you want, get a feeling for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
A good principle to follow is that your mortgage payment should be close to 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent in Great Falls
That's where I can help.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Great Falls area.
In addition, I'll help you get started on your loan.
There are some excellent mortgage professionals in Great Falls, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll start looking for houses on the market that best suit you.
I'll get a sneak peek of many of the homes and reject the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour homes, I'll point out positive features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
It's pretty common for buyers to amend their must-have list as we view homes and some things become far more substantial than others.
If that happens, I'll look through all the listings once more and trim it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Great Falls home market is an essential agent in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I'll alert you to certain districts are "hot" and call for immediate action and some that are "cool" and allow for more analysis.
When we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions. Any REALTOR® in Great Falls will claim to know the housing market.
If it doesn't seem like they know everything, call me at 703-759-6644 or e-mail me at connie@callconnieharvey.com, and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in Great Falls. When we do, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When we send in your offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property. The amount is often put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer, and it's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or decline 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 limits. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get a loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're already pre-approved, this won't take long at all, but you'll need to stay in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your application.
The estimate depends on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most likely happen at a title company or escrow office and should be a smooth and peaceful occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at 703-759-6644 or send me an e-mail.
