With a little up-front planning, buying a home isn't very difficult, but the event intimidates many people.
So you'll understand exactly what to expect, I like to supply my buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin looking for a home, there are plenty of things you'll want to consider.
When you begin your search, you'll probably want to create a check list of features you want, get a plan of what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Speak with a real estate agent
This is where I can help.
I'd be happy to book a time to get together with you and talk about your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Salt Lake City area, the mortgage industry, and any other economic factors that could affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some excellent mortgage professionals in Salt Lake City, and I work with a lot of them, so you'll be in great hands.
They'll assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After we meet, I'll begin searching for available houses on the market that are a good fit for you.
I'll preview most of the homes and reject the duds, and then we'll book appointments to tour the houses when it's convenient for you.
When we view the houses, I'll call attention to good features and negative ones. And I'll ask you about things you like and dislike.
For the most part, buyers update their wish list as we tour houses and some items become far more substantial than others.
If that happens, I'll look through the listings again and narrow it down to the home you've been waiting for.
Step 4 – Know the market
Your agent's understanding of the Salt Lake City housing market is an essential aspect in your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I'll communicate some neighborhoods are "hot" and require immediate action and the ones that are "cool" and allow for careful consideration.
As we tour houses, I'll be sure to tell you when the asking price has room for bargaining and when I trust the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions. Any REALTOR® will claim to know the market.
If things don't add up, just call me at 801-580-2378 or e-mail me at firstname.lastname@example.org, and I'd be happy to answer your questions. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find your dream home in Salt Lake City, and when that happens, I'll carefully create your purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When presenting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer. It's very common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain your loan
Upon finalizing the contract, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't be a long process at all, but you'll want to stay 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
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 801-580-2378 or send me an e-mail.