With some up-front planning, purchasing a home isn't too confusing, but the event can be stressful for many people.
So you know exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you begin looking for a home, there are plenty of things you'll want to contemplate.
You'll probably want to make a list of features you need to have, plan for what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to follow.
Step 2 – Contact a real estate agent
That's where I can help.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the St. Petersburg area.
I'll also assist you with getting started on your loan.
There are some excellent mortgage professionals in St. Petersburg, and I partner with a lot of them, so you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our initial meeting, I'll start finding available houses on the market that meet your needs.
I'll research many of the homes and ignore the bad ones, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we tour houses, I'll identify positive features, as well as negative ones. I'll also ask you what things you like and don't like.
It's common for buyers to revise their wish list as we tour homes and some items become more important than others.
If that happens, I'll search the listings once more and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My awareness of the St. Petersburg home market is a fundamental advantage in your search. I am acquainted with all the neighborhoods and school districts, and I will alert you to what areas are "hot" and call for immediate action and others that are "cold" and allow for careful examination.
As we view houses, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask your agent plenty of questions, as every REALTOR® in St. Petersburg will claim to know the market.
If it appears they don't know everything, call me at (727) 822-2222 or e-mail me at service@creativemortgagelenders.com, and I'd be glad to answer any questions you may have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the house of your dreams
We'll find your dream home in St. Petersburg, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When presenting your offer, you'll probably need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is most often applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's really common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Get your loan
Once the contract is finished, you'll begin working with your lender to close the loan.
If you've been pre-approved, it won't be a long process at all, but you need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at (727) 822-2222 or send me an e-mail.
