For many people, buying a home can be an intimidating event. However, with a bit of up-front planning, it isn't that difficult.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
Before you begin searching for a home, there are many things you should do.
When you begin your search, you'll probably want to create a check list of features you want, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent in Barrington
This is where I can help.
I'd be more than happy to plan a time to get together with you and communicate with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Barrington area, the mortgage and housing industries, and any other economic factors that may affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some great mortgage professionals in Barrington, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin looking for available houses on the market that meet your needs.
I'll get a sneak peek of most of the houses and remove the duds, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
As we tour the homes, I'll show you the good features, as well as bad ones. I'll also ask you about things you like and don't like.
It's widely common for buyers to change their wish list as we view houses and some items become more essential than others.
If that's the case, I'll search the listings once again and narrow it down to the house of your dreams.
Step 4 – Understand the housing market
Your agent's understanding of the Barrington housing market is a fundamental aspect in your house search. And I assure you I'm informed of all the schools and neighborhoods, and I will let you know which districts are "hot" and require immediate action and others that are "cool" and allow for cautiousness.
As we view homes, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent in Barrington will claim to truly know the market, but be mindful, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at 847-875-8050 or e-mail me at Ron@ronsever.com, and I'll be happy to answer your questions. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm positive we'll find your dream house in the Barrington area. When we do, I'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as getting financing, completing the inspection, and a clean title.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
It won't take long at all if you're pre-approved, but you need to stay in close contact with your lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then we'll close on your house. This should occur at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 847-875-8050 or send me an e-mail.
