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Step - 1 You gotta Make the Decision to Buy (To win the Lottery - you gotta Buy a ticket!) |
It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.
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Step 2 - It really does help to Seek Professional Guidance (That's where your Real Estate Agent steps into the picture.) |
| When you feel its the right time to schedule a time for us to meet and hear the reasons you want to buy a house and your plans for the future, just call 404-303-0113. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.
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Step 3 - Begin the Adventure (It's like starting your own treasure hunt! You even get to choose where and when.) |
| After our initial meeting, I'll search all my resources for houses on the market that fit your criteria. I'll preview these houses to eliminate the duds. Then, I'll schedule appointments to tour the houses at times convenient to you.
As we tour houses, I'll point out positive features and negative features. I'll ask you to tell me what you like and what you don't like. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams.
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Step 4 - Of course it helps to Know the Current Market (What's where and how much, and how big and how new and how close or how far? And what else . . .?) |
| My knowledge of the local market is an essential factor in the house search. I'll be first to tell you when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.
As we tour houses, I'll give you the 'low down" as quickly as I'm able to find that the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge will keep you a step ahead of the "house hunting competition".
In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell. That's an important part of the information I'm able to share with you - as my client.
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Step 5 - Find Your Dream House (Yes, you really will 'know it's the one', when you do find it.) |
| I'm confident we'll find your dream house. When we do, I'll put together the purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.). After all it's 'your contract' and it should 'fit' your requirements.
The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (usually dependent on the turn around time of your mortgage financing).
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Step 6 - Negotiate the Deal (That's the art of 'give and take' until we're all pleased with a comfortable result.) |
| It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It's better to set limits prior to negotiating an offer and stick to these limits.
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Step 7 - Get a Loan (Now it's time to play 'show me the money' or 'so, what's this really going to cost me?') |
During the closing period, you'll be working with your own mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you'll be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan. We WILL work together.
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Step 8 - Close the Deal (Close? Actually, it's the opening to a whole new phase of this exciting adventure.) |
You going to receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe tmay be low or perhaps high.
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Step 9 - Move In (The Fun Begins! What's in all those boxes and just where are you going to put "it"?) |
| Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure. |
