For many people, purchasing a home can be an intimidating event. But with a bit of planning ahead of time, it isn't very hard.
I like to supply buyers with a road map of the entire deal so they'll know exactly what they can expect.
Below are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at Deb@starlightrealtytampa.com.
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Step 1 – Prepare to purchase a home
Before you begin searching for a home, there are several things you'll want to do.
You'll want to form a checklist of features you want, get an idea of what school districts and neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to follow.
Step 2 – Contact a real estate agent
That's where I come in.
I'd love to schedule a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Lutz area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Lutz, and I work with a lot of them, so you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll start looking for houses on the market that are great for you.
I'll research most of the houses and reject the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
When we tour the homes, I'll identify positive features and negative ones. I'll even ask you to tell us about things you like and dislike.
It's common for buyers to revise their must-have list as we view homes and some features become more necessary than others.
If that's the case, I'll look through all the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My awareness of the Lutz housing market is a crucial benefit in your home search. I am informed of all the school districts and neighborhoods, and I can let you know some neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for careful analysis.
When we view houses, I'll make sure to communicate when the asking price has room for bargaining and when I know the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any REALTOR® will convince you they know the market.
If it seems like they don't know everything, call me at (813) 310-0444 or e-mail me at Deb@starlightrealtytampa.com, and I'd be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the home of your dreams
We'll find the home of your dreams in the Lutz area, and when that happens, I'll thoroughly 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 turning in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is often applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer. It's widely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll begin working with your lender to close the loan.
It won't take very long at all if you've been pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your application.
This estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely happen at a title company or escrow office and will most likely be a smooth and hassle-free affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (813) 310-0444 or send me an e-mail.
