Buying a home can be stressful for most people, but with a little planning ahead of time, it's not too complex. So you understand exactly what to expect, I like to furnish my buyers with an outline of the whole deal. These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to sharon@WorthingtonCountryClub.com. I'm glad to address any questions you have regarding this information. |
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Step 1 – Get ready to buy a home
Before you start searching for a home, there are a lot of things you need to do. It's likely that you'll want to assemble a check list of items you need to have, get a feel for what neighborhoods and school districts you want to live in, and start working on your budget. Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent
This is where John R. Wood Inc. Realtors 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 future plans. We'll talk about the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Bonita Springs area.
In addition, I'll assist you with getting started on your loan. I work with some of the finest mortgage professionals in Bonita Springs, so you can rest assured that you're in great hands. They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
Following our first meeting, I'll begin finding houses on the market that are a good fit for you. I'll preview most of the homes and reject the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view the houses, I'll identify positive features, as well as negative ones. And I'll ask you about things you like and dislike. For the most part, buyers change their list of must-haves as we view houses and some things become far more substantial than others. If such is the case, I'll search all the listings again and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My awareness of the Bonita Springs home market is a fundamental resource in your search. I'm informed of all the neighborhoods and school districts, and I'll alert you to certain areas are "hot" and require immediate action and some that are "cool" and allow for careful examination.
When we tour houses, I'll be sure to tell you when the list price has room for bargaining and also when I trust the home is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions, as every real estate agent will tell you they understand the market. If things don't add up, call me at (239) 851-6918 or e-mail me at sharon@WorthingtonCountryClub.com, and I'd be happy to answer your questions. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find the house of your dreams in Bonita Springs. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, finishing the inspection, and a clear title.
When presenting your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is most often applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer, and it's really common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market will play a big 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 compose a deal that works well for you.
Step 7 – Get your loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan. This shouldn't be a long process at all if you've been pre-qualified, but you should to stay in close contact with your lender. And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your application. The estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will probably be a smooth and pleasant affair.
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 contact me at (239) 851-6918 or send me an e-mail.
