Are you purchasing a new home in Wyoming Valley?
Purchasing a home is an intimidating event for many people, but it isn't very complex with a little planning ahead of time. I like to furnish buyers with a road map of the entire deal so they'll know exactly what they can expect. These are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're prepared to get started, simply contact me here or send e-mail to Becky@PipelineROI.com
Step 1 – Get ready to buy a home
There are plenty of things you'll want to consider prior to beginning your home search. You'll want to put together an outline of items you want, plan for what neighborhoods and school districts you want to live in, and start planning your budget. Keeping your mortgage payment less than or close to a third of your monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent
This is where Century 21 Signature Properties comes in. I'd love to plan a time to get together with you and communicate with you about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Wyoming Valley area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I'll also help you begin the loan process. There are some great mortgage professionals in the Wyoming Valley area, and I partner with a lot of them, so you can rest assured that you're in great hands. They will assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin looking for houses on the market that meet your needs. I'll preview many of the houses and remove the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we tour the homes, I'll identify good features, as well as negative ones. I'll even ask you to point out what things you like and dislike. Usually, buyers update their list of must-haves as we tour houses and some things become far more necessary than others. If such is the case, I'll go back through the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's knowledge of the Wyoming Valley home market is an imperative factor in your house search. And I assure you I'm informed of all the neighborhoods and schools, and I'll let you know certain neighborhoods are "hot" and warrant prompt action and the others that are "cool" and allow for careful analysis.
When we view homes, I'll make sure to communicate 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, be careful and be sure to ask plenty of questions, as any real estate agent in the Wyoming Valley area will claim to truly understand the home market. If it seems like they don't know everything, just call me at 570-704-6846 or e-mail me at Becky@PipelineROI.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find the house of your dreams in the Wyoming Valley area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon submitting your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property and is usually put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your lender to close the loan. This won't take much time at all if you've been pre-qualified, but you'll want to stay in close contact with your lender. And I'll take care of all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your loan application. The estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably happen at a title company or escrow office and will probably be a smooth and relaxing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 570-704-6846 or send me an e-mail.