For most people, purchasing a home can be an intimidating event. However, with some planning ahead of time, it's not very difficult.
So you know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
These are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are a lot of things you need to do prior to starting your home search.
You'll most likely want to form a check list of items you need, get a feeling for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent in Aldie
That's where I come in.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Aldie area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
I work with some of the best mortgage professionals in Aldie, so you're in great hands.
They'll assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet, I'll begin finding houses on the market that are a great fit for you.
I'll preview most of the homes and exclude the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view the homes, I'll call attention to good features and negative ones. And I'll ask you what things you like and don't like.
For the most part, buyers change their must-have list as we tour homes and some things become far more important than others.
If that's the situation, I'll search the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's understanding of the Aldie market is an essential agent in your home search. And I assure you I'm conscious of all the school districts and neighborhoods, and I can let you know which areas are "hot" and demand immediate action and some that are "cool" and allow for careful analysis.
As we view houses, I'll let you know when the asking price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as any real estate agent in Aldie will convince you they comprehend the housing market.
If things don't add up, call me at 703-581-9200 or e-mail me at ptyree@mybelmontrealty.com, and I'll be glad to answer your questions. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find the home of your dreams in the Aldie area. When we do, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as getting financing, completing the home inspection, and a clean title.
When we turn in your offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is often applied to the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's pretty common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you've been pre-qualified, it won't take much time at all. But you'll want to stay in close contact with your lender.
And I'll 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 closing costs from your mortgage lender within three days of taking your loan application.
This estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This should happen at a title company or escrow office and will probably be a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 703-581-9200 or send me an e-mail.
