Purchasing a home is intimidating for a lot of people, but with some planning ahead of time, it isn't very confusing.
I like to give buyers an outline of the whole deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to john@letsgetahome.com. I'm glad to address questions you have regarding this information.
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Step 1 – Prepare to buy a home
Before you begin searching for a home, there are many things you need to do.
When you start your search, you'll want to assemble an index of features you want, get a plan of what neighborhoods and school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to follow.
Step 2 – Speak with a real estate agent in Central Ohio
This is where Century21 HomeStar comes in.
I'd be more than happy to arrange a time to get together with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Central Ohio area.
I'll also help you start the loan process.
There are some excellent mortgage professionals in Central Ohio, and I work with a lot of them, so you'll be in great hands.
They will assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our first meeting, I'll begin searching for homes on the market that suit your needs.
I'll preview many of the houses and reject the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we tour homes, I'll call attention to good features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to change their wish list as we tour houses and some things become far more important than others.
If that's the case, I'll look through the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Know the market
My knowledge of the Central Ohio market is a necessary advantage in your search. I am familiar with all the neighborhoods and schools, and I can communicate some areas are "hot" and demand immediate action and some that are "cool" and allow for thoughtful examination.
As we view homes, I'll be sure to tell you when the list price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as every real estate agent in Central Ohio will tell you they truly know the housing market.
If things don't add up, call me at 614 332-4663 or e-mail me at john@letsgetahome.com, and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I'm confident we'll find the house of your dreams in the Central Ohio area. When we do, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property and is usually applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't take long at all. But you need to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will likely happen at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 614 332-4663 or send me an e-mail.