Buying a home is a stressful event for most people, but with some planning ahead of time, it's not all that complicated. So you understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. These are my nine steps to purchasing a home.
||If you have any questions about this information or if you're prepared to get started, you can contact me here or e-mail me at firstname.lastname@example.org.
Step 1 – Prepare to purchase
Prior to starting your home search, there are several things you should consider. When you start your search, you'll probably want to make a checklist of must-haves, get a feeling for what school districts you want to live in, and start planning your budget. Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent in Cincinnati
This is where Re/Max Preferred Group can help. We can set up a time to get together so we can talk about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Cincinnati area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I can also assist you in getting started on your loan. Re/Max Preferred Group partners with some of Cincinnati's finest mortgage professionals, so you'll be in great hands. They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
After our first meeting, I'll begin finding available homes on the market that suit your needs. I'll research most of the homes and ignore the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour homes, I'll show you the positive features, as well as negative ones. And I'll ask you what things you like and don't like. Most often, buyers change their must-have list as we tour homes and some things become more substantial than others. If that's the situation, I'll go back through all the listings again and narrow it down to the house of your dreams.
Step 4 – Understand the housing market
An agent's understanding of the Cincinnati housing market is an imperative component in your house search. And I can assure you I'm informed of all the school districts and neighborhoods, and I can communicate which neighborhoods are "hot" and demand immediate action and the ones that are "cold" and allow for careful examination.
When we view houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions. Every REALTOR® in Cincinnati will tell you they know the market. If things don't add up, contact me at 513.588.5298 or e-mail me at email@example.com, and I'll be glad to answer your questions. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I know we'll find the house of your dreams in the Cincinnati area. When we do, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
Upon submitting your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is typically applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain financing
Once we sign the final deal, you'll start working with your lender to close the loan. If you've been pre-approved, this shouldn't take very long at all. But you'll want to stay in close contact with your lender. And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application. This estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at 513.588.5298 or send me an e-mail.