For a lot of people, buying a home can be an intimidating event. But with a little planning ahead of time, it isn't too difficult.
I like to supply buyers with a road map of the entire deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are a lot of things you'll want to consider before commencing your home search.
You'll probably want to put together an outline of must-have features, get a plan of what neighborhoods and school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent
This is where I come in.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Accokeek area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Accokeek, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our first meeting, I'll start finding available houses on the market that are a great fit for you.
I'll preview most of the homes and reject the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we tour the houses, I'll point out good features and negative ones. I'll even ask you to talk about things you like and dislike.
It's common for buyers to change their list of must-haves as we view houses and some items become far more crucial than others.
If that happens, I'll look through all the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's knowledge of the Accokeek housing market is an essential element in your home search. And I assure you I'm informed of all the neighborhoods and schools, and I will alert you to certain areas are "hot" and require prompt action and some that are "cool" and allow for careful analysis.
When we view houses, 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."
Be on guard and be sure to ask plenty of questions, as every real estate agent in Accokeek will convince you they understand the market.
If it appears they don't know everything, call me at (301) 848-1127 or e-mail me at sromeo@mris.com, and I'll be happy to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in Accokeek. When we do, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as obtaining financing, completing the inspection, and a clean title.
Upon presenting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll begin working with your lender to close the loan.
It won't take long at all if you've been pre-approved, but you should to keep in close contact with your mortgage 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
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will most often be a smooth and hassle-free occasion.
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 call me at (301) 848-1127 or send me an e-mail.
