Purchasing a home intimidates a lot of people, but with some up-front planning, it isn't that difficult.
So you know exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy a home
Before you begin searching for a home, there are several things you'll want to take into account.
When you begin your search, you'll want to assemble an index of features you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent
This is where Dellwood Construction comes in.
I'd like to arrange a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Anoka area.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Anoka, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
Following our first meeting, I'll begin searching for available houses on the market that suit your needs.
I'll preview many of the homes and reject the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we view houses, I'll identify good features and negative ones. I'll also ask you to talk about things you like and dislike.
It's pretty common for buyers to change their wish list as we view houses and some items become far more substantial than others.
If that's the situation, I'll look through all the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
An agent's awareness of the Anoka home market is a leading factor in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I can alert you to some areas are "hot" and require prompt action and some that are "cool" and allow for careful consideration.
When we view houses, I'll let you know when the seller's list price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as any REALTOR® will tell you they truly know the home market.
If it doesn't seem like they know everything, just call me at 763-427-5100 or e-mail me at dcltd1001@qwestoffice.net, and I'll be glad to answer your questions. My knowledge of the market will help you stay 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 Anoka, and when we do, I'll carefully create your home purchase offer. The offer will be tailored exactly to 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.
When we turn in your offer, you'll need to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's widely common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline 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 at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get financing
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't take long at all. However, you'll need to keep in close contact with your lender.
And I'll look after 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) detailing your closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will probably be a smooth and easygoing occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at 763-427-5100 or send me an e-mail.
