Buying a home is an intimidating event for a lot of people, but with a bit of up-front planning, it's not too hard.
I like to provide buyers with an overview of the whole deal so they understand exactly what to expect.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to mmweddington@yahoo.com. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase
Prior to beginning your home search, there are many things you need to take into account.
When you begin your search, you'll probably want to assemble an index of features you need, get a feeling for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent in Morristown
This is where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Morristown area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Morristown, and I partner with a lot of them, so you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
After our first meeting, I'll start finding houses on the market that are a good fit for you.
I'll get a sneak peek of most of the houses and exclude the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we view the houses, I'll show you the good features and bad ones. I'll also ask you to talk about things you like and don't like.
As a rule, buyers update their list of must-haves as we view houses and some items become more crucial than others.
If that happens, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My understanding of the Morristown home market is a fundamental resource in your house search. I'm informed of all the neighborhoods and schools, and I can let you know which neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for cautiousness.
As we tour homes, I'll let you know if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions, as any REALTOR® will convince you they comprehend the home market.
If it doesn't seem like they know everything, just call me at (423) 581-8881 or e-mail me at mmweddington@yahoo.com, and I'll be happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in the Morristown area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is typically applied to the cost of closing. If your offer is accepted, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Get financing
Once we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take very long at all. However, you need to stay in close contact with your lender.
And I'll take care of 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 closing costs from your lender within three days of taking your application.
The estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your house. This will most likely occur at a title company or escrow office and is often a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (423) 581-8881 or send me an e-mail.
