Buying your home in Needham with Louis Wolfson & Co.
With a little up-front planning, purchasing a home isn't too complicated, but the event intimidates many people.
I like to give buyers a road map of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Prepare to buy a home
There are plenty of things you'll want to consider before commencing your home search.
You'll most likely want to assemble a check list of features you need to have, get an idea of what school districts and neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent in Needham
That's where I can help.
We'll schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Needham area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan.
There are some great mortgage professionals in Needham, and I partner with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet for the first time, I'll begin finding homes on the market that suit your needs.
I'll preview many of the homes and ignore the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we view the homes, I'll call attention to good features and bad ones. And I'll ask you to point out what things you like and dislike.
Most often, buyers revise their must-have list as we tour homes and some items become more important than others.
If that's the case, I'll go back through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Needham housing market is a necessary agent in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I can let you know certain neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for careful consideration.
When we view homes, I'll be sure to tell you when the asking price has room for negotiation and also when I believe the home is "priced to sell."
Every real estate agent in Needham will tell you they comprehend the housing market, but be mindful, and be sure to ask your agent a lot of questions.
If it doesn't seem like they know everything, call me at (617) 799-3326 or e-mail me at , and I'd be happy to answer your questions. My market expertise will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find your dream house in the Needham area. When that happens, I'll carefully develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as getting financing, carrying out the inspection, and a clear title.
When turning in your offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is usually put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure a loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't be a long process at all, but you should to keep in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often occur at a title company or escrow office and is often a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (617) 799-3326 or e-mail me at .