For a lot of people, buying a home can be a stressful event. But with a little up-front planning, it's not that complicated. I like to give buyers a road map of the whole deal so they'll understand exactly what they can expect. Below are my nine steps to purchasing a home.
 |
 |
 |
Shopping for homes?Click here to see every home available throughout Middle Tennessee or contact us today to get you more information on any home in the area. |
|
|
|
|
Step 1 – Prepare to purchase
There are plenty of things you should contemplate before beginning your home search. When you start your search, you'll want to make a checklist of items you want, get a feeling for what neighborhoods you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good rule to follow.
Step 2 – Get with a real estate agent
This is where EXIT Realty can help. We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Murfreesboro area.
I'll also help you facilitate the loan process. There are some great mortgage professionals in Murfreesboro, and I partner with a lot of them, so you'll be 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 – Start house-hunting
After we meet, I'll begin searching for homes on the market that meet your needs. I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
When we tour the homes, I'll identify positive features, as well as negative ones. I'll also ask you to tell us about things you like and don't like. It's widely common for buyers to revise their list of must-haves as we view houses and some things become far more essential 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 waiting for.
Step 4 – Understand the housing market
Your agent's understanding of the Murfreesboro housing market is a crucial element in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I'll communicate some districts are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful consideration.
As we tour homes, I'll make sure to communicate when the seller's list price has room for negotiation and when I trust the home is "priced to sell." Any REALTOR® in Murfreesboro will tell you they understand the housing market, but keep an eye out, and make sure you ask plenty of questions. If things don't add up, just call me at 615-785-5808 or e-mail me at pstmonza@yahoo.com, and I'll be glad to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream house in Murfreesboro. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as obtaining financing, finishing the inspection, and a clean title.
Upon sending in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property, and it's often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer, and it's really common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances. In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
After the deal is signed, you'll start working with your mortgage lender to close the loan. It won't take long at all if you're already pre-approved, but you need to stay in close contact with your lender. And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your application. This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks good.
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 calm occasion.
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 call me at 615-785-5808 or send me an e-mail.
