Buying a home is stressful for most people, but with a little planning ahead of time, it's not all that complex. So you understand exactly what to expect, I like to provide my buyers with a road map of the entire deal. Here are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to juaden13@cox.net. I'm glad to address any questions you have about this information. |
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Step 1 – Prepare to purchase
There are several things you'll want to do before you look for a home. When you begin your search, you'll want to create an index of items you need, get a feeling for what neighborhoods and school districts you'd like to live in, and start working on your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in PHOENIX
That's where I can help. I'd love to arrange a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the PHOENIX area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process. There are some great mortgage professionals in PHOENIX, and I work with a lot of them, so you're in great hands. They will assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start searching for houses on the market that meet your needs. I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll show you the positive features and bad ones. And I'll ask you to tell us about things you like and dislike. It's common for buyers to update their wish list as we view houses and some things become far more essential than others. If that's the situation, I'll look through the listings once more and narrow it down to the house of your dreams.
Step 4 – Understand the market
My knowledge of the PHOENIX housing market is a crucial asset in your search. I'm acquainted with all the neighborhoods and schools, and I'll let you know what areas are "hot" and demand prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we view homes, I'll make sure to communicate when the list price has room for negotiation and also when I think the home is "priced to sell." Be mindful and be sure to ask a lot of questions, as any REALTOR® will tell you they comprehend the housing market. If things don't add up, call me at 623-572-7845 or e-mail me at juaden13@cox.net, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find your dream home in PHOENIX. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as obtaining financing, finishing the inspection, and a clear title.
Upon turning in your offer, you'll probably want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's typically applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer, and it's very common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get financing
After the deal is complete, you'll start working with your lender to close the loan. If you're pre-approved, this won't take very long at all. But you should to keep 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
Your lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. I'll review the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you contact me at 623-572-7845 or send me an e-mail.