For a lot of people, purchasing a home is a stressful event. But with some up-front planning, it isn't that complicated. So you'll know exactly what to expect, I like to provide my buyers with an overview of the whole deal. These are my nine steps to buying a home.
Step 1 – Prepare to buy a home
Before you start searching for a home, there are several things you'll want to consider. You'll probably want to make a checklist of features you want, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget. A good rule to adhere to is that your mortgage payment should be 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent. This is where I can help. We'll schedule 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 discuss the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Kenner area.
I'll also help you facilitate the loan process. There are some great mortgage professionals and I partner with a lot of them, so you can rest assured that you're in great hands. They can assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll start looking for available homes on the market that suit your needs and then we'll schedule appointments to tour the homes of your choice when it's convenient for you.
When we tour houses, I'll point out good features, as well as bad ones. I'll also ask you to point out what things you like and don't like. Oftentimes, buyers change their wish list as we view homes and some items become far more crucial than others. If such is the case, I'll search the listings again and trim it down to the house of your dreams.
Step 4 – Understand the housing market
Your agent's knowledge of the market is a leading aspect in your home search.
When we view homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions. Any real estate agent will convince you they truly know the market. If it seems like they don't know everything, just call me at (504) 388-2121 or e-mail me at graciappraisalsllc@cox.net, and I'd be glad to answer your questions. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm certain we'll find the home of your dreams. When that happens, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as obtaining financing, finishing the inspection, and a clean title.
Upon turning in your offer, you'll need to submit a cash deposit made to a seller to secure an offer to purchase the property. The amount is most often put towards the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract. We'll also work within your budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Secure a loan
Upon signing the deal, you'll start working with your mortgage lender to close the loan. It won't be a long process at all if you're pre-qualified, but you should to keep in close contact with your mortgage lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your application. The estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will likely be a smooth and stress-free event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at (504) 388-2121 or send me an e-mail.
