For a lot of people, purchasing a home is a stressful event. But with a bit of planning ahead of time, it isn't all that complex.
So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to buy
There are many things you'll want to consider before you look for a home.
When you begin your search, you'll want to create a list of must-have features, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent in Dothan
This is where Prudential Showcase Properties can help.
I'd be more than happy to book a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Dothan area.
I can also help you facilitate the loan process.
There are some great mortgage professionals in Dothan, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our initial meeting, I'll begin searching for available houses on the market that suit your needs.
I'll get a sneak peek of many of the houses and ignore 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 show you the positive features and negative ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to amend their list of must-haves as we view houses and some features become far more essential than others.
If that happens, I'll go back through all the listings again and trim it down to the house you've been wishing for.
Step 4 – Understand the market
My awareness of the Dothan home market is a necessary resource in your home search. I'm informed of all the schools and neighborhoods, and I will alert you to some areas 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 asking price has room for bargaining and also when I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR® in Dothan will convince you they comprehend the housing market.
If it doesn't seem like they know everything, just call me at 3347011102 or e-mail me at info@prudentialshowcaseproperties.com, and I'd be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream house in Dothan, and when that happens, I'll carefully create your purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon sending in your offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property and is typically put towards the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Secure a loan
After we sign the final contract, you'll start working with your lender to close the loan.
It won't take long at all if you've been pre-approved, but you'll need to stay 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 Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably occur at a title company or escrow office and should be a smooth and hassle-free event.
Step 9 – Move in
Congratulations! 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 3347011102 or send me an e-mail.
