Buying a home is a stressful event for a lot of people. However, with a bit of planning ahead of time, it's not too difficult.
So you know exactly what to expect, I like to give my buyers an outline of the entire deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are many things you'll want to consider before beginning your home search.
When you start your search, you'll want to form a list of features you need, get an idea of what school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good guideline to go by.
Step 2 – Get in touch with a real estate agent
This is where I can help.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about 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 Waldorf area.
I'll also assist you in getting started on your loan.
Century 21 Associates-Bud Humbert Team Advantage works with some of the finest mortgage professionals in Waldorf, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin searching for homes on the market that best suit you.
I'll get a sneak peek of most of the homes and exclude the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we tour the homes, I'll point out positive features, as well as negative ones. I'll even ask you to point out what things you like and don't like.
Usually, buyers revise their list of must-haves as we view homes and some features become far more essential than others.
If that's the situation, I'll look through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Know the market
An agent's understanding of the Waldorf home market is a necessary factor in your home search. And I can assure you I'm informed of all the schools and neighborhoods, and I can let you know some neighborhoods are "hot" and warrant immediate action and the ones that are "cool" and allow for more examination.
As we tour homes, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
Every REALTOR® will tell you they understand the market, but keep an eye out, and make sure you ask your agent lots of questions.
If it doesn't seem like they know everything, call me at (301) 870-8400 or e-mail me at bhumbert@olg.com, and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find the home of your dreams in the Waldorf area. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are getting financing, carrying out the inspection, and a clear title.
When we submit your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's most often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Get financing
After the contract is complete, you'll start working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take much time at all. However, you'll need to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application.
This estimate is based on the loan amount. RESPA requirements order that it has to contain 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 permissible.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxing occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at (301) 870-8400 or send me an e-mail.
