Purchasing a home is stressful for many people, but it isn't too complicated with a bit of planning ahead of time.
So you know 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.
Step 1 – Prepare to buy
There are plenty of things you should consider prior to starting your home search.
When you begin your search, you'll probably want to form a list of must-have features, get a feel for what neighborhoods and school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent
This is where Jeff Glover & Associates comes in.
I'd be more than happy to schedule a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Plymouth area, the mortgage industry, and any additional economic factors that could affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some very good mortgage professionals in Plymouth, and I partner with a lot of them, so you'll be in great hands.
They can help you determine 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 begin searching for available houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we tour the homes, I'll identify good features and bad ones. And I'll ask you to talk about things you like and don't like.
It's common for buyers to revise their list of must-haves as we tour homes and some items become more crucial than others.
If that's the situation, I'll search all the listings once again and trim it down to the home of your dreams.
Step 4 – Get a feel for the market
My understanding of the Plymouth home market is an indispensable resource in your search. I'm informed of all the neighborhoods and school districts, and I can communicate certain districts are "hot" and demand prompt action and the ones that are "cool" and allow for thoughtful consideration.
As we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I think the house is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as any real estate agent will tell you they truly understand the market.
If things don't add up, call me at (734) 259-1100 or e-mail me at jglover@jeffgloverassociates.com, and I'll be glad to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm sure we'll find the home of your dreams in the Plymouth area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
Upon sending in your offer, you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's very common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
The state of the market will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't take long at all. But you'll 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
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and stress-free occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (734) 259-1100 or send me an e-mail.
