For a lot of people, buying a home can be an intimidating event. However, with some planning ahead of time, it isn't too complicated. I like to give buyers an outline of the whole deal so they'll understand exactly what to expect. These are my nine steps to buying a home.
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Should you have any questions about this information or if you're prepared to get started, just contact me here or e-mail me at Tyna@mdhomesbyty.com. |
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Step 1 – Prepare to buy
There are several things you'll want to do before you search for a home. When you start your search, you'll probably want to put together a check list of items you want to have, get a plan of what school districts you want to live in, and start planning your budget. A good rule of thumb to go by is that your mortgage payment should be close to a third of your net monthly income.
Step 2 – Communicate with a real estate agent in Waldorf
This is where Century 21 New Millennium comes in. I'd be more than happy to book a time to meet with you and talk about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Waldorf area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you start the loan process. I work with some of Waldorf's best mortgage professionals, so you'll be in great hands. They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After our initial meeting, I'll start finding available houses on the market that are great for you. I'll get a sneak peek of most of the homes and ignore the duds, and then we'll set up appointments to view the houses when it's convenient for you.
When we view homes, I'll call attention to good features, as well as bad ones. I'll also ask you to tell us about things you like and dislike. Frequently, buyers change their list of must-haves as we tour houses and some things become more important than others. If such is the case, I'll go back through all the listings once more and narrow it down to the house of your dreams.
Step 4 – Understand the market
My knowledge of the Waldorf housing market is a crucial benefit in your home search. I'm mindful of all the neighborhoods and schools, and I can alert you to certain areas are "hot" and demand immediate action and others that are "cold" and allow for thoughtful analysis.
As we view houses, I'll let you know when the asking price has room for negotiation and when I know the house is "priced to sell." Every REALTOR® will convince you they understand the home market, but keep an eye out, and make sure you ask lots of questions. If things don't add up, contact me at 301.893.6204 or e-mail me at Tyna@mdhomesbyty.com, and I'll be glad to answer any questions you might have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in Waldorf. When we do, I'll precisely develop your home purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll likely want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's typically applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer – it's really common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Get financing
After the deal is finalized, you'll begin working with your mortgage lender to close the loan. This shouldn't take much time at all if you're pre-approved, but you'll want to stay in close contact with your lender. And I'll care for 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 mortgage lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and comfortable occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 301.893.6204 or send me an e-mail.