Buying or selling a home?
Buying a home is a stressful event for a lot of people. However, with a bit of planning ahead of time, it's not too difficult.
So they know exactly what to expect, I will furnish buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
If you have questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy
There are many things you need to consider before you look for a home.
When you begin your search, you'll probably want to assemble a check list of must-haves, get a feel for what neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good guideline to follow.
Step 2 – Communicate with a real estate agent
This is where I come in.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Needham area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
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 help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our initial meeting, I'll start finding available houses on the market that best suit you.
I'll research most of the houses and remove the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
As we view houses, I'll call attention to good features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's widely common for buyers to amend their must-have list as we tour houses and some features become far more substantial than others.
If that's the case, I'll look through the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
My understanding of the Needham home market is an imperative agent in your house search. I'm conscious of all the school districts and neighborhoods, and I'll communicate which neighborhoods are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
When we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Every real estate agent in Needham will claim to comprehend the housing market.
If it appears they don't know everything, contact me at (617) 799-3326 or e-mail me at , and I'll be more than happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream home
We'll find the home of your dreams in Needham, and when we do, I'll precisely develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When we present your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property and is usually applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's very common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Obtain your loan
Upon completion of the contract, you'll start working with your lender to close the loan.
This shouldn't be a long process at all if you're pre-approved, but you'll want to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) detailing your 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 accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your house. This should happen at a title company or escrow office and should be a smooth and calm occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at (617) 799-3326 or e-mail me at .