For a lot of people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not very hard.
So you'll know exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
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Should you have any questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at prprealty@aol.com.
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Step 1 – Prepare to purchase
There are several things you should take into account prior to starting your home search.
You'll want to form an index of features you need to have, get an idea of what school districts and neighborhoods you want to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be no more than a third of your monthly income.
Step 2 – Get with a real estate agent
This is where PRP Realty Investments Inc. comes in.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Wellington area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you start the loan process.
I partner with some of Wellington's best mortgage professionals, so you'll be in great hands.
They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
Following our first meeting, I'll start searching for houses 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 set up appointments to view the houses when it's convenient for you.
As we tour the homes, I'll identify positive features, as well as negative ones. I'll also ask you to talk about things you like and dislike.
It's widely common for buyers to amend their must-have list as we tour houses and some items become far more essential than others.
If that happens, I'll look through the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
An agent's understanding of the Wellington housing market is a fundamental aspect in your home search. And I assure you I'm conscious of all the neighborhoods and schools, and I can communicate which neighborhoods are "hot" and require prompt action and others that are "cool" and allow for careful analysis.
As we view houses, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions. Any real estate agent in Wellington will convince you they truly know the market.
If it appears they don't know everything, call me at 561.301.7112 or e-mail me at prprealty@aol.com, and I'd be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in Wellington. When that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as obtaining financing, carrying out the inspection, and a clear title.
When sending in your offer, most likely you'll want to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is typically applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's really common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Secure financing
After we sign the final deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often take place at a title company or escrow office and will probably be a smooth and comfortable affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at 561.301.7112 or send me an e-mail.
