Buying a home is intimidating for most people. However, with a bit of planning ahead of time, it's not very confusing. I like to furnish buyers with an overview of the entire deal so they know exactly what they can expect. These are my nine steps to buying a home.
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Should you have questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at salexander@watsonrealtycorp.com. |
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Step 1 – Prepare to buy a home
Before you start looking for a home, there are several things you should consider. You'll want to put together a checklist of items you need, get an idea of what school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Talk to a real estate agent
This is where I can help. We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Saint Augustine area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
I can also help you start the loan process. I partner with some of the best mortgage professionals in Saint Augustine, so you're in great hands. They will assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin looking for available homes on the market that meet your needs. I'll research many of the houses and exclude the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view the houses, I'll call attention to good features, as well as negative ones. And I'll ask you to point out what things you like and don't like. As a rule, buyers amend their must-have list as we view houses and some things become more substantial than others. If that happens, I'll look through all the listings again and trim it down to the house you've been dreaming about.
Step 4 – Understand the market
My awareness of the Saint Augustine home market is a crucial advantage in your house search. I'm acquainted with all the neighborhoods and schools, and I will communicate some districts are "hot" and warrant prompt action and some that are "cool" and allow for careful examination.
When we tour houses, I'll let you know when the list price has room for bargaining and when I think the house is "priced to sell." Be on guard and make sure you ask lots of questions, as every REALTOR® in Saint Augustine will tell you they comprehend the home market. If it seems like they don't know everything, call me at 904-436-1343 or e-mail me at salexander@watsonrealtycorp.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find your dream house in the Saint Augustine area, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property and is often put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer, and it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Secure a loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. This shouldn't be a long process at all if you've been pre-qualified, but you should to keep in close contact with your mortgage lender. And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your application. This estimate rests on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks all right.
Then it's time to close on your house. This should take place at a title company or escrow office and will most likely be a smooth and calm affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 904-625-7924 or send me an e-mail.
