Buying or selling a home?
With some up-front planning, buying a home isn't too complex, but the event is stressful for many people.
So they know exactly what they can expect, I like to provide buyers with an outline of the whole deal.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Prepare to buy
There are a lot of things you should take into account before you search for a home.
It's likely that you'll want to form a list of must-haves, get a feeling for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good rule to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent in Needham
This is where Louis Wolfson & Co. comes in.
We can plan 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 discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Needham area.
In addition, I'll assist you in getting started on your loan.
There are some great mortgage professionals in Needham, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
Following our first meeting, I'll start searching for available homes on the market that suit your needs.
I'll preview many of the homes and remove the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we view the homes, I'll identify positive features and negative ones. I'll even ask you about things you like and dislike.
It's pretty common for buyers to change their must-have list as we tour houses and some things become far more substantial than others.
If that's the case, I'll look through the listings another time and trim it down to the house of your dreams.
Step 4 – Comprehend the housing market
An agent's awareness of the Needham home market is a necessary component in your home search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can let you know what areas are "hot" and demand immediate action and the ones that are "cold" and allow for careful examination.
As we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any REALTOR in Needham will convince you they know the home market.
If it doesn't seem like they know everything, contact me at (617) 799-3326 or e-mail me at , and I'd be happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in the Needham area, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
Upon submitting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get financing
After the deal is finished, you'll begin working with your lender to close the loan.
This won't take much time at all if you're already pre-qualified, but you'll want 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 mortgage lender will give you a Loan Estimate (LE) of your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your loan application.
This estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your home. This should occur at a title company or escrow office and will probably be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at (617) 799-3326 or e-mail me at .