Purchasing a home is a stressful event for a lot of people, but it isn't too complex with a bit of planning ahead of time. So you'll understand exactly what to expect, I like to give my buyers a road map of the whole deal. These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to shorthr@msn.com. I'm glad to address questions you have about this information. |
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Step 1 – Prepare to purchase
Before you start looking for a home, there are several things you need to do. You'll want to create a checklist of features you need, plan for what neighborhoods and school districts you want to live in, and begin planning your budget. A good principle to follow is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Talk to a real estate agent in Leesburg
That's where I can help. I'd be happy to set up a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans. We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Leesburg area.
I'll also help you begin the loan process. I work with some of the best mortgage professionals in Leesburg, so you're in great hands. They'll help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin looking for available houses on the market that suit your needs. I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view the homes, I'll point out positive features and negative ones. I'll even ask you what things you like and don't like. It's common for buyers to revise their must-have list as we view homes and some items become far more crucial than others. If such is the case, I'll go back through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My understanding of the Leesburg home market is a fundamental resource in your search. I am mindful of all the school districts and neighborhoods, and I will let you know which districts are "hot" and call for prompt action and the ones that are "cold" and allow for cautiousness.
When we tour houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent will claim to know the home market. If things don't add up, just call me at 703 728 2172 or e-mail me at shorthr@msn.com, and I'd be glad to answer your questions. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I know we'll find the home of your dreams in Leesburg. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When we turn in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse 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 formulate a deal that works well for you.
Step 7 – Secure your loan
Once the deal is complete, you'll begin working with your lender to close the loan. If you're already pre-qualified, it won't take very long 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 needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your application. The estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and comfortable event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 703 728 2172 or send me an e-mail.