Buying a home can be stressful for many people. However, with some planning ahead of time, it isn't too complicated. I like to give buyers a road map of the entire deal so they'll understand exactly what they can expect. Below are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to Jeffrey@JCleeRealtor.com. I'm glad to address any questions you have regarding this information. |
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Step 1 – Prepare to purchase
Prior to starting your home search, there are several things you'll want to contemplate. You'll probably want to make a list of features you want to have, plan for what neighborhoods you want to live in, and begin planning your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent in Stuart
This is where I can help. I'd like to plan a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Stuart area.
In addition, I'll help you begin the loan process. Jeffrey Clee, Broker Associate works with some of Stuart's finest mortgage professionals, so 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 looking for a home
After our first meeting, I'll start looking for homes on the market that meet your needs. I'll get a sneak peek of most of the homes and throw out the duds, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
As we view homes, I'll show you the good features and negative ones. I'll even ask you what things you like and don't like. It's common for buyers to revise their wish list as we view houses and some things become more important than others. If that's the case, I'll go back through all the listings once again and narrow it down to the home of your dreams.
Step 4 – Understand the market
Your agent's awareness of the Stuart home market is a crucial aspect in your house search. And I assure you I'm familiar with all the neighborhoods and school districts, and I can communicate some districts are "hot" and require prompt action and some that are "cold" and allow for thoughtful examination.
As we view homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." Trust your instincts and make sure you ask lots of questions, as any real estate agent in Stuart will tell you they truly know the housing market. If things don't add up, just call me at 772-634-0123 or e-mail me at Jeffrey@JCleeRealtor.com, and I'll be more than happy to answer your questions. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm confident we'll find the home of your dreams in Stuart. When we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as getting financing, finishing the inspection, and a clear title.
When turning in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property, and it's most often put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your financing limits. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get a loan
Upon finalizing the deal, you'll begin working with your mortgage lender to close the loan. This shouldn't take much time at all if you've been pre-qualified, but you'll want to keep in close contact with your mortgage lender. And I'll sort out 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) outlining closing costs from your lender within three days of receiving your loan application. The estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at 772-634-0123 or send me an e-mail.
