With a little planning ahead of time, buying a home isn't all that complex, but the event is stressful for many people.
I like to provide buyers with an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to contemplate before starting your home search.
You'll most likely want to form an outline of features you want, get a feel for what neighborhoods and school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than a third of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent
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 future plans.
We'll discuss everything from neighborhoods, schools in the Seattle area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also assist you in getting started on your loan.
Horizon Real Estate works with some of the best mortgage professionals in Seattle, so you'll be in great hands.
They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
Following our initial meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll preview most of the houses and exclude the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we tour houses, I'll call attention to good features, as well as bad ones. I'll even 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 items become more substantial than others.
If that's the situation, I'll look through all the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My understanding of the Seattle housing market is an essential advantage in your search. I am familiar with all the school districts and neighborhoods, and I can let you know which areas are "hot" and require immediate action and the ones that are "cold" and allow for careful examination.
When we view houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR® will claim to understand the home market, but take note, and be sure to ask lots of questions.
If things don't add up, just call me at 206-745-0487 or e-mail me at info@digitalhomeinspector.net, and I'd be happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream house in the Seattle area. When that happens, I'll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
Upon turning in your offer, you'll likely want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer, and it's really common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain financing
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
This shouldn't take much time at all if you're already pre-approved, but you need to stay in close contact with your lender.
And I'll deal with 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) outlining your closing costs from your mortgage lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will most often be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 206-745-0487 or send me an e-mail.
