With some planning ahead of time, buying a home isn't all that complex, but the event can be stressful for a lot of people.
So you know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are a lot of things you'll want to take into account.
You'll most likely want to create an index of items you want to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment around a third of your monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent in Charlottesville
This is where I can help.
I'd like to schedule a time to get together with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Charlottesville area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Charlottesville, and I work with a lot of them, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our first meeting, I'll begin finding available houses on the market that are a good fit for you.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll set up appointments to view the homes when it's convenient for you.
As we view homes, I'll identify good features, as well as negative ones. I'll also ask you about things you like and don't like.
Frequently, buyers update their wish list as we view houses and some items become far more substantial than others.
If such is the case, I'll look through all the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
My knowledge of the Charlottesville housing market is a necessary benefit in your house search. I am conscious of all the neighborhoods and schools, and I can let you know some districts are "hot" and demand prompt action and some that are "cold" and allow for cautiousness.
When we view homes, I'll make sure to communicate when the seller's asking price has room for bargaining and when I know the house is "priced to sell."
Trust your instincts and make sure you ask your agent lots of questions, as any real estate agent will tell you they know the housing market.
If it appears they don't know everything, contact me at 434-227-4442 or e-mail me at yates@yatesnobles.com, and I'll be glad to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm confident we'll find your dream home in Charlottesville. When that happens, I'll precisely 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, finishing the inspection, and a clean title.
When we send in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer. It's very common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain your loan
After we sign the final deal, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this won't be a long process at all, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your house. This should happen at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 434-227-4442 or send me an e-mail.
