Buying a home can be stressful for a lot of people. However, with a little up-front planning, it's not too complex. So you'll know exactly what to expect, I like to supply my buyers with an overview of the whole deal. Here are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are several things you should do. When you begin your search, you'll probably want to create a list of features you want to have, get a plan of what school districts you want to live in, and start planning around your budget. A good principle to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent
This is where I come in. I'd be happy to schedule a time to meet with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Kennewick area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process. Divine Realty partners with some of the finest mortgage professionals in Kennewick, so you can rest assured that you're in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll begin looking for available houses on the market that best suit you. I'll preview most of the houses and eliminate the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
When we tour the homes, I'll identify good features and negative ones. I'll also ask you to tell us about things you like and don't like. Generally, buyers change their list of must-haves as we tour homes and some items become more necessary than others. If such is the case, I'll search the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's knowledge of the Kennewick housing market is a crucial component in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I will alert you to some neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for more consideration.
When we tour homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be mindful and be sure to ask plenty of questions. Any REALTOR® in Kennewick will tell you they comprehend the market. If it seems like they don't know everything, call me at 5097832753 or e-mail me at willie@divinerealty.com, and I'd be glad to answer any questions you may have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm confident we'll find the house of your dreams in Kennewick. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer. It's really common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to take 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. In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a contract that's best for you.
Step 7 – Obtain a loan
Once the deal is signed, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't take much time at all. But you'll want to stay in close contact with your lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most often occur at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 5097832753 or send me an e-mail.
