Are you contemplating purchasing your home in Needham? Louis Wolfson & Co. can help.
Buying a home can be stressful for many people, but it isn't too hard with a little planning ahead of time.
So they'll understand exactly what they can expect, I will give buyers an overview of the whole deal.
Here are my nine steps to purchasing a home.
If you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you need to contemplate prior to beginning your home search.
When you begin your search, you'll want to make a check list of features you need, plan for what neighborhoods you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent in Needham
This is where Louis Wolfson & Co. can help.
We can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Needham area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I can also help you facilitate the loan process.
I partner with some of the finest mortgage professionals in Needham, so you'll be in great hands.
They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll start finding homes on the market that are great for you.
I'll get a sneak peek of many of the homes and throw out the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we view the houses, I'll show you the positive features, as well as negative ones. I'll also ask you to tell us about things you like and don't like.
It's common for buyers to change their wish list as we tour homes and some things become more necessary than others.
If that's the situation, I'll go back through all the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My understanding of the Needham housing market is a leading factor in your home search. I'm mindful of all the school districts and neighborhoods, and I'll let you know what areas are "hot" and call for immediate action and the ones that are "cold" and allow for thoughtful analysis.
When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as every real estate agent will claim to understand the housing market.
If it doesn't seem like they know everything, call me at (617) 799-3326 or e-mail me at , and I'd be more than happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
We'll find the house of your dreams in Needham, and when we do, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as getting financing, completing the home inspection, and a clean title.
When we turn in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property. The amount is most often applied to the closing costs. If the 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
Most contracts aren't closed on the initial offer – it's really common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Get financing
After the deal is finished, you'll start working with your lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all, but you need to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will most often be a smooth and relaxing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (617) 799-3326 or e-mail me at .