Buying your new home in Newburgh
Purchasing a home intimidates a lot of people, but it's not that complex with a bit of up-front planning.
I like to give buyers a road map of the whole deal so they'll know exactly what to expect.
Below are my nine steps to buying a home.
When you're ready to get started, simply contact me here or send me e-mail
. I'm glad to address questions you have regarding this information.
Step 1 – Get ready to buy a home
There are several things you should consider before you search for a home.
You'll want to create a check list of must-have features, get a feel for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent
This is where I come in.
I'd like to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Newburgh area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I work with some of Newburgh's best mortgage professionals, so you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our first meeting, I'll start searching for homes on the market that suit your needs.
I'll preview many of the houses and remove the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we tour houses, I'll identify positive features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
As a rule, buyers amend their wish list as we tour homes and some things become far more crucial than others.
If that happens, I'll go back through the listings once more and trim it down to the home of your dreams.
Step 4 – Understand the market
My awareness of the Newburgh housing market is a crucial advantage in your home search. I am conscious of all the schools and neighborhoods, and I'll communicate which areas are "hot" and warrant immediate action and the rest that are "cold" and allow for cautiousness.
When we view homes, I'll make sure to communicate when the list price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as any REALTOR® will tell you they truly know the housing market.
If it appears they don't know everything, contact me at 845-675-8380 or e-mail me at CHanson@historicnewburghhomes.com, and I'd be more than happy to answer any questions you might have. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I know we'll find the home of your dreams in the Newburgh area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be written keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon sending in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer, and it's extremely 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, propose 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 formulate a deal that's best for you.
Step 7 – Obtain a loan
Upon signing the deal, you'll start working with your lender to close the loan.
If you're pre-approved, it won't take much time at all. However, you should to keep in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will most likely be a smooth and peaceful occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 845-675-8380 or send me an e-mail.