Buying a home intimidates most people, but with a little planning ahead of time, it's not all that complicated.
So you know exactly what to expect, I like to supply my buyers with an outline of the whole deal.
These 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 sabrina@sabrinathompson.com. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are many things you'll want to take into account before you start looking for a home.
When you start your search, you'll probably want to create an outline of must-haves, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good guideline to follow is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent
This is where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Charlottesville area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Charlottesville, and I work with a lot of them, so you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After we meet, I'll start finding houses on the market that best suit you.
I'll research most of the homes and eliminate the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
When we tour the homes, I'll identify positive features and bad ones. And I'll ask you to tell us about things you like and don't like.
As a rule, buyers change their must-have list as we tour homes and some things become far more crucial than others.
If that's the case, I'll go back through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Charlottesville home market is an essential benefit in your search. I am acquainted with all the neighborhoods and school districts, and I will communicate certain neighborhoods are "hot" and demand prompt action and some that are "cold" and allow for more consideration.
As we view homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Every real estate agent will claim to know the home market.
If it appears they don't know everything, contact me at (434) 984-7447 or e-mail me at sabrina@sabrinathompson.com, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I'm sure we'll find your dream house in the Charlottesville area. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
Upon sending in your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is most often put towards the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll consider 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 financing budget. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Obtain a loan
Upon completing the contract, you'll begin working with your lender to close the loan.
It shouldn't take much time at all if you're already pre-approved, but you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will 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, be sure to call me at (434) 984-7447 or send me an e-mail.
