For a lot of people, purchasing a home can be an intimidating event. But with some planning ahead of time, it's not very hard.
So you'll know exactly what to expect, I like to give my buyers an overview of the whole deal.
Below are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to lbossie@arbor-realtors.com. I'm glad to address questions you have regarding this information.
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Step 1 – Get ready to buy a home
Before you begin your home search, there are many things you should take into account.
When you start your search, you'll probably want to put together a check list of features you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and start working on your budget.
A good rule to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
This is where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Red Bank area.
I'll also help you start the loan process.
There are some great mortgage professionals in Red Bank, and I work with a lot of them, so you'll be in great hands.
They can assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin looking for available houses on the market that best suit you.
I'll get a sneak peek of most of the houses and exclude the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we tour the houses, I'll point out positive features and bad ones. And I'll ask you to point out what things you like and dislike.
It's widely common for buyers to change their list of must-haves as we tour houses and some items become far more important than others.
If that's the case, I'll look through the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
An agent's awareness of the Red Bank market is a fundamental element in your home search. And I assure you I'm mindful of all the schools and neighborhoods, and I'll communicate what neighborhoods are "hot" and require prompt action and others that are "cool" and allow for cautiousness.
When we view houses, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Every real estate agent in Red Bank will convince you they understand the market.
If it appears they don't know everything, call me at 732-758-1679 or e-mail me at lbossie@arbor-realtors.com, and I'll be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in the Red Bank area. When we do, I'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon turning in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer. It's really common to receive a counter offer. Don't let it discourage 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 move on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain a loan
After the deal is finalized, you'll start working with your lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all. But you'll need to keep in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will probably be a smooth and relaxing affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 732-758-1679 or send me an e-mail.
