Purchasing a home intimidates many people. However, with a bit of up-front planning, it's not very difficult. So you'll understand exactly what to expect, we like to supply buyers with an outline of the whole deal. Here are my nine steps to buying a home.
Step 1 – Get ready to buy a home
Before you begin looking for a home, there are several things you should contemplate. When you start your search, you'll want to assemble a checklist of must-haves, get a plan of what school districts you want to live in, and begin planning your budget. A good guideline to adhere to is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent in Poughkeepsie
This is where ERA Team IV Homes can help. We'd be happy to set up a time to get together with you and talk about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Poughkeepsie area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
We can also help you start the loan process. There are some very good mortgage professionals in Poughkeepsie, and we partner with a lot of them, so you'll be in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
Following our initial meeting, we'll begin searching for available houses on the market that are a great fit for you. we'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we view the homes, we'll identify good features and negative ones. we'll also ask you to tell us about things you like and don't like. It's common for buyers to revise their list of must-haves as we tour homes and some things become more substantial than others. If that happens, we'll go back through the listings again and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
Our understanding of the Poughkeepsie market is a valuable advantage in your home search. We are familiar with all the neighborhoods and school districts, and we will let you know what districts are "hot" and demand prompt action and some that are "cool" and allow for careful examination.
As we view homes, we'll be sure to tell you when the seller's list price has room for negotiation and when I know the home is "priced to sell." Any real estate agent will convince you they truly understand the housing market, but keep an eye out, and make sure you ask your agent lots of questions. If it doesn't seem like they know everything, just call me at 845-454-4404 or e-mail me at carminepagano@erateam4.com, and I'll be glad to answer any questions you have. Our market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
We're certain we'll find the house of your dreams in Poughkeepsie. When we do, we'll carefully create your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon turning in your offer, most likely you'll want to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan. If you've been pre-qualified, it shouldn't take much time at all, but you should to stay in close contact with your mortgage lender. And we'll look after 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) detailing closing costs from your lender within three days of accepting your loan application. This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy. We'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 845-454-4404 or send me an e-mail.
