Buying or selling a home in Montgomery?Buying a home is an intimidating event for many people. However, with a bit of up-front planning, it's not all that confusing. So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the entire deal. These are my nine steps to buying a home.
|When you're ready to get started, simply contact me here or send e-mail to CHanson@historicnewburghhomes.com. I'm glad to answer any questions you have about this information.|
Step 1 – Get ready to purchase
There are several things you'll want to do before you search for a home. You'll want to create an outline of items you need to have, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning around your budget. Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent in Montgomery
This is where I come in. We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Montgomery area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you begin the loan process. There are some excellent mortgage professionals in Montgomery, and I work with a lot of them, so you're in great hands. They'll assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll start looking for homes on the market that are a good fit for you. I'll preview many of the houses and exclude the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll show you the good features and negative ones. I'll also ask you about things you like and dislike. As a rule, buyers revise their list of must-haves as we tour homes and some items become more necessary than others. If that happens, I'll look through the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My understanding of the Montgomery market is a valuable advantage in your search. I'm conscious of all the school districts and neighborhoods, and I'll alert you to what areas are "hot" and demand immediate action and the ones that are "cool" and allow for thoughtful consideration.
When we view houses, I'll let you know if the asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as any real estate agent in Montgomery will claim to comprehend the home market.
If things don't add up, contact me at 845-430-8380 ext.314 or e-mail me at CHanson@historicnewburghhomes.com, and I'll be more than happy to answer any questions you have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream house in Montgomery. When that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Get financing
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, it won't take very long at all. However, you'll want to keep in close contact with your lender. And I'll look after 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 lender within three days of taking your loan application. The estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most likely occur at a title company or escrow office and is often a smooth and peaceful affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 845-430-8380 ext.314 or send me an e-mail.