Purchasing your home in Needham with Louis Wolfson & Co.
Purchasing a home can be stressful for many people, but with a little planning ahead of time, it isn't very complicated.
I like to supply buyers with an outline of the entire deal so they'll know exactly what they can expect.
Below are my nine steps to buying a home.
If you have questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are several things you should do prior to beginning your home search.
You'll want to form an index of features you want, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Connect with a real estate agent in Needham
That's where I can help.
I'd be happy to arrange a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Needham area.
I'll also help you begin the loan process.
There are some great mortgage professionals in Needham, and I partner with a lot of them, so you'll be in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After our initial meeting, I'll start searching for homes on the market that meet your needs.
I'll research most of the houses and throw out the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.
As we tour the homes, I'll point out good features and bad ones. And I'll ask you to talk about things you like and don't like.
Usually, buyers update their list of must-haves as we view homes and some features become far more necessary than others.
If that happens, I'll look through all the listings once again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
My knowledge of the Needham housing market is a leading component in your home search. I'm mindful of all the schools and neighborhoods, and I will alert you to which areas are "hot" and warrant immediate action and the ones that are "cool" and allow for more examination.
When we tour houses, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask lots of questions, as any REALTOR in Needham will claim to comprehend the market.
If things don't add up, 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 throughout 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 tailored exactly to your needs and the home, including a lot of contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
Upon submitting your offer, you'll likely need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property. The amount is usually applied to the cost of closing. If your offer is accepted, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get financing
Upon finishing the deal, you'll begin working with your lender to close the loan.
If you're pre-approved, it won't take long at all, but you need to stay 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
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then we'll close on your house. This will likely happen at a title company or escrow office and should be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at (617) 799-3326 or e-mail me at .