For a lot of people, buying a home can be an intimidating event. However, with a bit of planning ahead of time, it's not very confusing.
I like to give buyers an overview of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
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If 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 cindy@cindybennett.net.
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Step 1 – Prepare to buy
Before you start your home search, there are plenty of things you should consider.
When you begin your search, you'll probably want to create a check list of must-haves, get a feeling for what school districts you want to live in, and start working on your budget.
A good principle to go by is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent
This is where RE/MAX Action comes in.
We can set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Glen Allen area.
I can also help you get started on your loan.
I partner with some of the best mortgage professionals in Glen Allen, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our first meeting, I'll start finding available houses on the market that are great for you.
I'll preview many of the houses and ignore the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
As we tour the houses, I'll identify positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to change their must-have list as we view houses and some things become more necessary than others.
If that happens, I'll go back through the listings another time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Glen Allen housing market is a fundamental agent in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I can let you know which districts are "hot" and demand immediate action and some that are "cold" and allow for thoughtful consideration.
As we tour homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as any REALTOR® will tell you they truly understand the housing market.
If it seems like they don't know everything, contact me at (804)521-1587 or e-mail me at cindy@cindybennett.net, and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm confident we'll find the house of your dreams in Glen Allen, and when that happens, I'll thoroughly create your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's typically put towards the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer. It's very common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Secure financing
After the contract is signed, you'll start working with your lender to close the loan.
This shouldn't take much time at all if you're already pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often happen at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at (804)521-1587 or send me an e-mail.
