Are you looking to purchase a home? First Team Realty, LLC can help.
Buying a home is intimidating for many people, but it isn't all that complicated with a little up-front planning. So you understand exactly what to expect, we like to supply our buyers with an outline of the whole deal. Below are our nine steps to purchasing a home.
When you're ready to get started, simply contact us here or send us e-mail
. We're happy to address questions you have about this information.
Step 1 – Get ready to buy
Before you begin looking for a home, there are several things you'll want to do. When you begin your search, you'll want to put together an index of features you want to have, get a feeling for what school districts you'd like to live in, and begin planning your budget. A good rule to follow is that your mortgage payment should be less than or around 30 percent of your monthly income. You should also get pre-approved so you know exactly how much you will likely be approved for prior to looking for your home. If you don't know where to begin with getting pre-approved we can assist you.
Step 2 – Speak with a real estate Agent
This is where we can help. We can arrange a time to get together so we can talk about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, school districts in the cities and towns your are looking, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
We'll also help you begin the loan process. There are some excellent mortgage professionals and we work with a lot of them, so you can rest assured that you're in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our first meeting, we'll start looking for available houses on the market that are good for you. We'll preview most of the homes and exclude the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we tour houses, we'll call attention to good features and bad ones. And we'll ask you to tell us about things you like and don't like. It's widely common for buyers to change their must-have list as we tour homes and some things become far more necessary than others. If such is the case, we'll search the listings once again and narrow it down to the house of your dreams.
Step 4 – Know the housing market
Our understanding of the market is an indispensable benefit in your home search. We are conscious of all the neighborhoods and schools, and we'll will alert you to certain areas are "hot" and warrant prompt action and the others that are "cool" and allow for cautiousness.
As we tour homes, we'll be sure to tell you when the seller's asking price has room for bargaining and also when we think the home is "priced to sell." When working with an agent, be mindful and be sure to ask plenty of questions. Any REALTOR® will tell you they truly understand the housing market. If things don't add up, just call us at (978) 250-1900 or e-mail us at firstname.lastname@example.org, and we'd be more than happy to answer your questions. Our understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
We're confident we'll find the home of your dreams. When that happens, we'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as getting financing, finishing the inspection, and a clean title.
Upon sending in your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's very common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Secure your loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan. It shouldn't take much time at all if you've been pre-approved, but you should to stay in close contact with your mortgage lender. And we'll take care of all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy. We'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This typically occurs at the Registry of Deeds or Buyer's Lender's Attorney's Office or Title company and is often a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just call us at (978) 250-1900 or send us an e-mail.