Purchasing your new home in Needham with Louis Wolfson & Co.
Buying a home intimidates many people, but with some up-front planning, it's not too confusing.
I like to furnish buyers with a road map of the entire deal so they'll 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 – Get ready to buy
There are a lot of things you'll want to contemplate before you start looking for a home.
You'll probably want to assemble a check list of features you want to have, plan for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Speak with a real estate agent
This is where Louis Wolfson & Co. comes in.
We can plan 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 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 the Needham area.
In addition, I'll help you get started on your loan.
Louis Wolfson & Co. works with some of Needham's finest mortgage professionals, so you'll be in great hands.
They'll assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll start searching for available houses on the market that are good for you.
I'll research most of the houses and eliminate the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we view houses, I'll call attention to positive features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
As a rule, buyers update their wish list as we tour homes and some things become more necessary than others.
If that's the situation, I'll search all the listings once again and trim it down to the home you've been waiting for.
Step 4 – Comprehend the market
An agent's awareness of the Needham housing market is an imperative aspect in your home search. And I assure you I'm mindful of all the schools and neighborhoods, and I can let you know what neighborhoods are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
As we view homes, I'll make sure to communicate when the seller's list price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions, as every real estate agent will claim to truly understand the home market.
If it appears they don't know everything, call me at (617) 799-3326 or e-mail me at , and I'll be happy to answer any questions you may have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in the Needham area, and when that happens, I'll precisely create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's often put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) of your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then we'll close on your house. This will likely happen at a title company or escrow office and will most often be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call me at (617) 799-3326 or e-mail me at .