Buying or selling a home in Needham?

With some planning ahead of time, buying a home isn't very hard, but the event is intimidating for many people. I like to give buyers an overview of the entire deal so they know exactly what to expect. Here are my nine steps to purchasing a home. If you have questions about this information or if you're prepared to get started, you can contact me here or e-mail me at .

Step 1 – Prepare to purchase
Before you start your home search, there are many things you'll want to do. When you begin your search, you'll probably want to put together a list of features you want to have, get an idea of what school districts you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good rule to adhere to.

Step 2 – Communicate with a real estate agent in Needham
This is where I come in. I'd be happy to plan a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Needham area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.

I can also help you facilitate the loan process. Louis Wolfson & Co. works with some of the best mortgage professionals in Needham, so you can rest assured that you're in great hands. They will assist you with choosing which kind of loan is best for you and help you get qualified.

Step 3 – Begin your search
Following our initial meeting, I'll begin finding available houses on the market that are great for you. I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.

As we tour houses, I'll point out good features, as well as negative ones. I'll even ask you what things you like and don't like. Usually, buyers amend their must-have list as we tour houses and some features become far more important than others. If that's the situation, I'll look through all the listings once more and trim it down to the home you've been wishing for.

Step 4 – Understand the market
Your agent's awareness of the Needham housing market is an imperative element in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I can let you know certain districts are "hot" and warrant immediate action and the ones that are "cool" and allow for thoughtful examination.

As we tour homes, I'll let you know when the list price has room for bargaining and also when I think the house is "priced to sell." Any REALTOR in Needham will convince you they comprehend the home market, but be on guard, and be sure to ask plenty of questions. If things don't add up, contact me at (617) 799-3326 or e-mail me at , and I'll be 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 home of your dreams
I'm certain we'll find your dream house in the Needham area. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as getting financing, finishing the inspection, and a clear title.

When turning in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.

Step 6 – Negotiate
Most contracts don't close on the first offer. It's really common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.

Market circumstances will play a large role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll assemble a contract that is best for you.

Step 7 – Obtain a loan
Once the deal is signed, you'll start working with your lender to close the loan. It won't be a long process at all if you're already pre-qualified, but you need to keep in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your application. This estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks all right.

Then it's time to close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxing occurrence.

Step 9 – Move in
Congratulations! It's time to 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 .

Looking to Buy?

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Louis Wolfson & Co.

29 Cimino Road
Needham, MA 02494