Buying a home intimidates a lot of people, but it's not that complex with a little planning ahead of time.
I like to give buyers an overview of the entire deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
 |
 |
 |
If you have any questions regarding any of this information or if you're prepared to get started, just contact me here or e-mail me at randalldavenport@verizon.net.
|
|
|
|
|
Step 1 – Get ready to purchase a home
Before you start your home search, there are a lot of things you should take into account.
When you start your search, you'll probably want to make a check list of must-have features, get a feeling for what school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd love to set up a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Plano area.
I'll also assist you in getting started on your loan.
I partner with some of Plano's best mortgage professionals, so you can rest assured that you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll preview most of the homes and remove the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we tour the houses, I'll identify positive features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
For the most part, buyers amend their list of must-haves as we view houses and some items become far more necessary than others.
If that's the case, I'll search the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
An agent's knowledge of the Plano home market is a leading component in your house search. And I assure you I'm familiar with all the neighborhoods and schools, and I will let you know some districts are "hot" and warrant immediate action and some that are "cool" and allow for more consideration.
When we view houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I trust the home is "priced to sell."
Any REALTOR® will tell you they understand the home market, but be on guard, and be sure to ask lots of questions.
If it doesn't seem like they know everything, just call me at (214) 649-6944 or e-mail me at randalldavenport@verizon.net, and I'd be glad to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream house in Plano, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property and is usually applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer, and it's really common to receive a counter offer. Don't let this discourage 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 go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get financing
Upon completing the deal, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't take long at all. But you need to keep in close contact with your mortgage lender.
And I'll handle 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 your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application.
The estimate depends 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 analyze the estimate and let you know if it all looks okay.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most likely be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just call me at (214) 649-6944 or send me an e-mail.
