Buying or selling a home?
With a little up-front planning, purchasing a home isn’t too complex, but the event is stressful for many people. So you understand exactly what to expect, we like to provide our buyers with a road map of the whole deal. Below are our nine steps to buying a home.
Step 1 – Get ready to buy a home
Prior to starting your home search, there are many things you’ll want to contemplate. You’ll want to create an index of items you need, get an idea of what neighborhoods you’d like to live in, and start planning around your budget. Keeping your mortgage payment less than a third of your monthly income is a good rule to go by.
Step 2 – Talk to a real estate agent
This is where BLC Real Estate can help. We can arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We’ll talk about the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in your area.
We will also help you facilitate the loan process. There are some excellent mortgage professionals; however, BLC Real Estate has experienced years of success with Reliant Mortgage, so in the event you have yet to choose a mortgage professional you’re in great hands. Reliant will assist you with figuring out which type of loan is best for you and help you get qualified.
Our in house loan officer is Brad Vocino. Brad has been a loan originator for 10+ years and has a proven track record. Visit www.vocinomortgage.com to get pre-approved today.
Step 3 – Start looking
Following our first meeting, we will begin finding available homes on the market that are a good fit for you. We will preview many of the homes and remove the duds, and then we’ll book appointments to view the homes when it’s convenient for you.
As we tour the houses, we will identify positive features as well as negative ones. And we will ask you to tell us about things you like and dislike. Usually, buyers change their must-have list as we view houses and some items become far more necessary than others. If such is the case, we will search all the listings once again and narrow it down to the house you’ve been dreaming about.
Step 4 – Understand the housing market
Our awareness of the housing market is a fundamental resource in your home search. We are very conscious of all the school districts and neighborhoods. We can quickly inform you if any districts are “hot” and call for prompt action in addition to the rest that are “cool” and allow for thoughtful consideration.
When we view houses, we let you know when the seller’s list price has room for negotiation and also when we believe the home is “priced to sell.” When working with an agent, trust your instincts and make sure you ask a lot of questions, as any real estate agent will tell you they comprehend the market. If things don’t add up, contact us at 978-653-4832 or e-mail us at email@example.com, and we would be happy to answer any questions you have. Our market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you’ve been looking for
We are sure we’ll find your dream house, and when that happens, we will meticulously create your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, we never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we send in your purchase offer, you’ll need to present “earnest money.” This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 45 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren’t closed on the beginning offer – it’s widely common to receive a counter offer. Don’t let this discourage you. We’ll discuss whether or not to consent to the counter offer, present our own counter offer, or reject the seller’s offer and move on.
Market conditions will play a role in how aggressively we negotiate the contract. We’ll also work within your financing budget. And at the end of the day, we’ll create a contract that works well for you.
Step 7 – Get a loan
Upon completion of the contract, you’ll start working with your lender to close the loan. This shouldn’t take much time at all if you’re already pre-approved, but you need to keep in close contact with your mortgage lender. And we will sort out all the property information your mortgage lender requires 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. The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy. We will review the estimate and let you know if it all looks adequate.
Then it’s time to close on your home. This will likely happen at the Count Registry of Deeds or Bank Attorney’s office and will likely be a smooth and peaceful occurrence.
Step 9 – Move in
Success! It’s time to move into your new house. Enjoy it. And if you need anything, make sure you contact us at 978-653-4832 or send us an e-mail.