Purchasing a home is a stressful event for a lot of people, but with a bit of planning ahead of time, it's not all that hard. So you'll know exactly what to expect, I like to supply my buyers with a road map of the entire deal. Here are my nine steps to buying a home.
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If you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at mjagel@brevardsbest.com. |
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Step 1 – Get ready to purchase a home
There are many things you need to contemplate prior to commencing your home search. When you begin your search, you'll probably want to assemble an outline of items you need, plan for what school districts you want to live in, and begin planning around your budget. A good guideline to go by is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where Micah Jagel can help. We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the the Space Coast area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I'll also help you facilitate the loan process. There are some great mortgage professionals in the Space Coast, and I work with a lot of them, so you'll be in great hands. They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for available homes on the market that are a good fit for you. I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
When we tour the homes, I'll point out positive features and negative ones. And I'll ask you to tell us about things you like and dislike. It's common for buyers to amend their must-have list as we tour houses and some things become more important than others. If that happens, I'll look through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My awareness of the the Space Coast home market is an indispensable asset in your home search. I am informed of all the school districts and neighborhoods, and I'll let you know which districts are "hot" and require immediate action and others that are "cold" and allow for more examination.
When we tour homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell." Be mindful and be sure to ask your agent a lot of questions, as every REALTOR® in the Space Coast will convince you they truly know the housing market. If it seems like they don't know everything, just call me at 321-394-7715 or e-mail me at mjagel@brevardsbest.com, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find your dream home in the Space Coast, and when that happens, I'll carefully develop your purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's usually put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain financing
After the contract is finalized, you'll start working with your mortgage lender to close the loan. If you're pre-approved, this shouldn't take very long at all, but you'll want to keep in close contact with your lender. And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of getting your loan application. The estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will likely occur at a title company or escrow office and will likely be a smooth and relaxed affair.
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, just call me at 321-394-7715 or send me an e-mail.
