For a lot of people, purchasing a home can be a stressful event. But with some planning ahead of time, it's not that complicated.
So you'll understand exactly what to expect, I like to supply my buyers with an overview of the whole deal.
These are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're ready to get started, simply contact me here or e-mail me at jim@jimcharpie.com.
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Step 1 – Get ready to purchase a home
There are several things you'll want to take into account before you look for a home.
When you start your search, you'll want to make an index of features you need, get a feel for what neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment around a third of your net monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent in LAKELAND
That's where I can help.
I'd love to arrange a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the LAKELAND area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some very good mortgage professionals in LAKELAND, and I work with a lot of them, so you'll be in great hands.
They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin your home search
After we meet for the first time, I'll begin searching for houses on the market that are great for you.
I'll get a sneak peek of most of the houses and exclude the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour the houses, I'll point out good features and bad ones. I'll even ask you what things you like and dislike.
Generally, buyers change their must-have list as we view homes and some things become more necessary than others.
If that's the situation, I'll search all the listings again and trim it down to the home of your dreams.
Step 4 – Get a grasp of the market
My understanding of the LAKELAND home market is a valuable asset in your search. I'm conscious of all the neighborhoods and schools, and I'll communicate some districts are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
When we view houses, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions. Any REALTOR® in LAKELAND will tell you they know the home market.
If things don't add up, just call me at 727-455-0704 or e-mail me at jim@jimcharpie.com, and I'd be more than happy to answer your questions. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream house in LAKELAND, and when that happens, I'll thoroughly develop your purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we submit your offer, you'll probably want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain your loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all, but you'll want 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
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and relaxing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 727-455-0704 or send me an e-mail.
