With some planning ahead of time, purchasing a home isn't that difficult, but the event can be stressful for a lot of people. I like to provide buyers with a road map of the entire deal so they know exactly what they can expect. Below are my nine steps to buying a home.
||When you're ready to get started, just contact me here or send e-mail to email@example.com . I'm happy to answer any questions you have regarding this information.
Step 1 – Get ready to buy a home
Before you start searching for a home, there are many things you need to consider. When you begin your search, you'll probably want to assemble an outline of items you need, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget. Keeping your mortgage payment around 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Get with a real estate agent
This is where MEYERS ENTERPRISE REALTY GROUP, INC. comes in. We can set up a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the New York area.
I can also assist you with getting started on your loan. There are some very good mortgage professionals in New York, and I partner with a few of them, so you can rest assured that you're in great hands. They can assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin searching for available 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 houses whenever it's convenient for you.
When we view the homes, I'll identify good features, as well as bad ones. I'll also ask you to tell us about things you like and don't like. It's widely common for buyers to amend their list of must-haves as we tour houses and some features become more substantial than others. If such is the case, I'll search the listings once again and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the New York home market is an essential benefit in your search. I am informed of all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for more analysis.
When we view houses, I'll be sure to tell you when the list price has room for negotiation and when I think the house is "priced to sell." Be careful and be sure to ask your agent plenty of questions, as every real estate agent in New York will claim to know the market. If it doesn't seem like they know everything, call me at 917-969-8495 or e-mail me at firstname.lastname@example.org and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in the Bronx, Northern Manhattan, and Westchester area, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I will notify the attorney to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is most often put towards the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward or depending how expediently the bank works. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's very common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this shouldn't take long at all. But you need to keep in close contact with your lender, and I also to. I will also take care of 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 mortgage lender within three days of accepting your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 917-969-8495 or send me an e-mail.