Purchasing a home is intimidating for a lot of people. However, with a little up-front planning, it isn't that complicated.
So you'll know exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are plenty of things you need to take into account before starting your home search.
You'll probably want to form a list of items you need, get a plan of what neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good principle to follow.
Step 2 – Contact a real estate agent in Charlottesville
That's where I can help.
We'll set up a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Charlottesville area.
I can also help you start the loan process.
There are some very good mortgage professionals in Charlottesville, and I partner with a lot of them, so you'll be in great hands.
They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After our initial meeting, I'll begin searching for homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
When we tour homes, I'll identify positive features, as well as bad ones. I'll also ask you to talk about things you like and dislike.
Most often, buyers amend their list of must-haves as we tour houses and some items become far more substantial than others.
If that's the situation, I'll search all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My knowledge of the Charlottesville market is a valuable advantage in your search. I'm mindful of all the schools and neighborhoods, and I will communicate which districts are "hot" and require immediate action and some that are "cold" and allow for careful examination.
When we tour houses, I'll be sure to tell you when the asking price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as any REALTOR® in Charlottesville will convince you they truly understand the home market.
If things don't add up, just call me at (434) 984-7447 or e-mail me at sabrina@sabrinathompson.com, and I'll be glad to answer your questions. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in the Charlottesville area, and when that happens, I'll thoroughly create your home purchase offer. The offer will be written keeping 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.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property and is most often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. 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 it intimidate you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the deal, you'll start working with your lender to close the loan.
If you're already pre-approved, it won't be a long process at all. However, you should 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) outlining closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (434) 984-7447 or send me an e-mail.
