Are you contemplating purchasing your home in Needham? Louis Wolfson & Co. can help.
With some planning ahead of time, purchasing a home isn't all that confusing, but the event is stressful for a lot of people.
So they'll know exactly what they can expect, I'll furnish buyers with an outline of the whole deal.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are several things you'll want to take into account.
It's likely that you'll want to make a check list of items you need to have, get a feel for what school districts you want to live in, and start planning around your budget.
A good rule of thumb to follow is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent in Needham
This is where I come in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Needham area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
I can also help you start the loan process.
There are some excellent mortgage professionals in Needham, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start looking for available houses on the market that suit your needs.
I'll research most of the houses and throw out the duds, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we tour the houses, I'll call attention to good features, as well as negative ones. I'll even ask you about things you like and don't like.
It's widely common for buyers to update their list of must-haves as we tour homes and some features become more substantial than others.
If that happens, I'll look through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
An agent's awareness of the Needham market is a leading factor in your home search. And I can assure you I'm informed of all the neighborhoods and schools, and I will communicate which districts are "hot" and require prompt action and the ones that are "cool" and allow for more examination.
When we tour houses, I'll be sure to tell you when the asking price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as any REALTOR will convince you they comprehend the market.
If things don't add up, just call me at (617) 799-3326 or e-mail me at , and I'll be glad to answer any questions you have. My understanding of the market will keep you a step ahead throughout 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 we do, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
Upon presenting your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is most often put towards the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer. It's very common to receive a counter offer. Don't let this intimidate 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.
Market circumstances will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
After the contract is finished, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you need to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) outlining closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will most likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (617) 799-3326 or e-mail me at .