Buying a home can be stressful for a lot of people, but with some planning ahead of time, it's not very confusing.
So you'll understand exactly what to expect, I like to supply my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
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If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at JacqAustin@7803800.com.
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Step 1 – Get ready to purchase
There are plenty of things you need to contemplate before you search for a home.
When you start your search, you'll want to form a list of items you need to have, get a feel for what school districts you'd like to live in, and start working on your budget.
A good guideline to go by is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
This is where Thinking Real Estate comes in.
I'd be more than happy to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Jackson area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I can also help you facilitate the loan process.
I partner with some of Jackson's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After we meet, I'll start looking for available homes on the market that are a good fit for you.
I'll research most of the homes and eliminate the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we tour homes, I'll call attention to positive features and bad ones. I'll also ask you to tell us about things you like and dislike.
It's pretty common for buyers to revise their must-have list as we view houses and some things become far more important than others.
If that happens, I'll look through all the listings another time and trim it down to the house of your dreams.
Step 4 – Know the housing market
An agent's knowledge of the Jackson housing market is a leading aspect in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll let you know some neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for thoughtful examination.
As we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell."
Trust your instincts and make sure you ask your agent a lot of questions, as every real estate agent in Jackson will tell you they know the market.
If it appears they don't know everything, just call me at 5177803800 or e-mail me at JacqAustin@7803800.com, and I'd be more than happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the home of your dreams in the Jackson area. When we do, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
When we present your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is most often put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Get a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take much time at all. But you need to keep 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
Your lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will likely be a smooth and stress-free event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 5177803800 or send me an e-mail.
