With some planning ahead of time, purchasing a home isn't too complicated, but the event can be stressful for many people. I like to furnish buyers with a road map of the whole deal so they'll know exactly what they can expect. Here are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at bobby@TheBobbydeanTeam.com. |
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Step 1 – Get ready to purchase a home
Prior to starting your home search, there are plenty of things you should contemplate. When you begin your search, you'll want to assemble a checklist of items you want to have, plan for what school districts you want to live in, and start working on your budget. Keeping your mortgage payment less than a third of your net monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in Dothan
This is where The Bobby Dean Team can help. We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the Dothan area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan. The Bobby Dean Team works with some of Dothan's best mortgage professionals, so you'll be in great hands. They can assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll start looking for houses on the market that are great for you. I'll research many of the houses and throw out the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the houses, I'll point out positive features and bad ones. I'll also ask you to point out what things you like and don't like. Usually, buyers change their wish list as we tour homes and some items become more essential than others. If such is the case, I'll search the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's understanding of the homes for sale in Dothan shortens your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I will let you know certain areas are "hot" and call for prompt action and others that are "cold" and allow for more consideration.
When we view houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the house is "priced to sell." Be careful and be sure to ask plenty of questions, as any REALTOR® in Dothan will claim to know the housing market. If it seems like they don't know everything, call me at 334-701-1102 or e-mail me at bobby@TheBobbyDeanTeam.com, and I'd be glad to answer any questions you may have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm sure we'll find the home of your dreams in the Dothan area. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
Upon submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit held by Prudential Showcase Properties to secure an offer to purchase the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer – it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Get a loan
Upon finishing the contract, you'll begin working with your lender to close the loan. If you're already pre-approved, this shouldn't take very long at all, but you'll need to keep in close contact with your lender. And I'll sort out 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) of closing costs from your mortgage lender within three days of getting your loan application. This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will likely be a smooth and stress-free occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 334-701-1102 or send me an e-mail.
