Purchasing a home is stressful for many people, but with some up-front planning, it isn't too hard. So you know exactly what to expect, I like to supply my buyers with an outline of the entire deal. Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are many things you'll want to do before beginning your home search. When you begin your search, you'll probably want to create a checklist of items you want to have, plan for what school districts and neighborhoods you'd like to live in, and start working on your budget. Keeping your mortgage payment around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Speak with a real estate agent
That's where I can help. I'd be more than happy to book a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans. We'll talk about neighborhoods, schools in the Clarksville area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan. There are some great mortgage professionals in Clarksville, and I work with a lot of them, 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 your search
After our initial meeting, I'll start finding houses on the market that best suit you. I'll research most of the homes and exclude the duds, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we view homes, I'll call attention to positive features and bad ones. I'll even ask you what things you like and don't like. It's pretty common for buyers to change their wish list as we tour houses and some items become more necessary than others. If that happens, I'll look through the listings once again and trim it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's awareness of the Clarksville home market is a leading component in your home search. And I assure you I'm mindful of all the neighborhoods and school districts, and I can alert you to some neighborhoods are "hot" and require prompt action and some that are "cold" and allow for thoughtful analysis.
As we view homes, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell." Every real estate agent in Clarksville will tell you they know the market, but take notice, and be sure to ask your agent a lot of questions. If things don't add up, call me at 931.647.3400 or e-mail me at larrysellshomes@realtor.com, and I'd be more than happy to answer any questions you may have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I know we'll find the house of your dreams in Clarksville, and when we do, I'll precisely develop your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer – it's pretty common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Get a loan
Once we sign the final deal, you'll start working with your lender to close the loan. If you're already pre-qualified, this shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application. The estimate rests on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your house. This should take place at a title company or escrow office and will most often be a smooth and peaceful event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 931.647.3400 or send me an e-mail.
