With some up-front planning, purchasing a home isn't too hard, but the event is stressful for many people.
So you understand exactly what to expect, I like to give my buyers a road map of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
There are a lot of things you'll want to take into account before you start searching for a home.
When you start your search, you'll probably want to form a checklist of features you want, get a feel for what school districts and neighborhoods you'd like to live in, and start working on your budget.
A good guideline to follow is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent in Gilbert
That's 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 talk about neighborhoods, schools in the Gilbert area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
Realty Executives East Valley works with some of Gilbert's finest mortgage professionals, so you can rest assured that you're in great hands.
They will help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin searching for homes on the market that are good for you.
I'll research many of the houses and throw out the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we view homes, I'll call attention to good features and negative ones. I'll also ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their wish list as we tour homes and some items become more important than others.
If that's the case, I'll search all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
My understanding of the Gilbert market is a crucial asset in your house search. I'm conscious of all the school districts and neighborhoods, and I will let you know which districts are "hot" and demand prompt action and some that are "cool" and allow for careful consideration.
As we tour homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the house is "priced to sell."
Every REALTOR® in Gilbert will claim to know the home market, but take notice, and be sure to ask a lot of questions.
If things don't add up, call me at 602-999-0952 or e-mail me at duane@propertyinaz.com, and I'd be happy to answer your questions. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find the home of your dreams in the Gilbert area. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
When we present your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is typically put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain your loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all, but you should to keep in close contact with your lender.
And I'll care for 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) outlining your closing costs from your mortgage lender within three days of getting your loan application.
The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This should occur at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at 602-999-0952 or send me an e-mail.
