Buying or selling a home? Louis Wolfson & Co. can help.
For most people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not very hard.
So they'll know exactly what to expect, I like to provide buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
Should you have questions about any of 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 commence your home search, there are plenty of things you'll want to contemplate.
When you start your search, you'll want to form an index of features you want to have, get a feeling for what school districts and neighborhoods you'd like to live in, and start working on your budget.
A good guideline to adhere to is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd love to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Needham area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I work with some of Needham's finest mortgage professionals, so you'll be in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After we meet, I'll start searching for available homes on the market that suit your needs.
I'll research most of the homes and eliminate the duds, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we view the homes, I'll call attention to positive features and negative ones. I'll also ask you to tell us about things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we view houses and some features become far more important than others.
If that happens, I'll search all the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Needham housing market is a necessary agent in your house search. And I can assure you I'm mindful of all the schools and neighborhoods, and I can let you know what districts are "hot" and require prompt action and some that are "cool" and allow for more examination.
When we tour homes, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
Be careful and make sure you ask plenty of questions, as any REALTOR will tell you they truly know the housing market.
If things don't add up, call 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 the house of your dreams
We'll find your dream home in Needham, and when we do, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When submitting your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property and is most often applied to the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't be a long process at all, but you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) outlining your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at (617) 799-3326 or e-mail me at .