With a little up-front planning, purchasing a home isn't that hard, but the event is stressful for many people.
I like to provide buyers with an outline of the whole deal so they'll know exactly what to expect.
Below are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to jwallace7@rochesterhomeservices.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase a home
There are a lot of things you'll want to consider prior to commencing your home search.
You'll probably want to form a checklist of items you want to have, plan for what school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is around a third of your monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent in Rochester
This is where I can help.
I'd love to set up a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Rochester area.
In addition, I'll assist you with getting started on your loan.
Prudential Discover Real Estate partners with some of the finest mortgage professionals in Rochester, so you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet for the first time, I'll start looking for houses on the market that are a great fit for you.
I'll preview many of the homes and ignore the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we tour houses, I'll point out good features and negative ones. And I'll ask you to point out what things you like and dislike.
For the most part, buyers revise their wish list as we view houses and some things become far more necessary than others.
If that's the case, I'll go back through all the listings once more and trim it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's awareness of the Rochester market is a leading component in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I will let you know some districts are "hot" and warrant prompt action and others that are "cool" and allow for thoughtful analysis.
As we view houses, I'll let you know when the seller's list price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Every real estate agent will tell you they truly understand the market.
If things don't add up, contact me at 585-314-8667 or e-mail me at jwallace7@rochesterhomeservices.com, and I'll be glad to answer any questions you have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find your dream home
I'm sure we'll find your dream home in Rochester. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property, and it's most often applied to the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer – it's pretty common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
Once the deal is complete, you'll begin working with your lender to close the loan.
If you're pre-approved, it won't take much time at all. But you'll need to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then we'll close on your home. This should happen at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 585-314-8667 or send me an e-mail.
