Buying a new home in Needham with Louis Wolfson & Co.
Purchasing a home is an intimidating event for many people, but with some planning ahead of time, it's not very difficult.
I like to provide buyers with a road map of the whole deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have about this information.
Step 1 – Prepare to buy
There are a lot of things you should contemplate before beginning your home search.
When you start your search, you'll want to form an outline of items you want to have, plan for what neighborhoods you'd like to live in, and start working on your budget.
A good rule to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd be happy to set up a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Needham area, the mortgage industry, and any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you start 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 will assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll start finding houses on the market that are good for you.
I'll get a sneak peek of many of the homes and throw out the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view homes, I'll call attention to good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
It's widely common for buyers to amend their wish list as we view houses and some things become far more crucial than others.
If that's the situation, I'll look through all the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Comprehend the housing market
An agent's understanding of the Needham market is an imperative agent in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I'll alert you to certain areas are "hot" and call for immediate action and the ones that are "cold" and allow for cautiousness.
As we view homes, I'll make sure to communicate when the asking price has room for negotiation and when I believe the home is "priced to sell."
Every real estate agent in Needham will tell you they understand the market, but be careful, and be sure to ask lots of questions.
If things don't add up, contact me at (617) 799-3326 or e-mail me at , and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in the Needham area. When we do, I'll meticulously create your home purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, completing the inspection, and a clear title.
Upon submitting your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is typically applied to the closing costs. If the offer is accepted, we should close on the property 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 initial offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Obtain a loan
Upon finishing the deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, this shouldn't take much time at all. But you need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) outlining closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will probably occur at a title company or escrow office and is often a smooth and comfortable event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (617) 799-3326 or e-mail me at .