Are you purchasing a home in Gloucester? Southern Trade Realty, Inc. can help.
With a little planning ahead of time, buying a home isn't very hard, but the event intimidates a lot of people.
So they understand exactly what to expect, I like to supply buyers with a road map of the whole deal.
These are my nine steps to buying a home.
Should you have any questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are several things you should take into account before commencing your home search.
When you start your search, you'll probably want to create a list of items you need to have, plan for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be close to 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent in Gloucester
This is where Southern Trade Realty, Inc. comes in.
I'd like to arrange a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Gloucester area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Gloucester, and I partner with a lot of them, so you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet for the first time, I'll start looking for homes on the market that suit your needs.
I'll preview many of the homes and throw out the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
As we tour homes, I'll call attention to good features, as well as negative ones. I'll even ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their wish list as we view homes and some items become far more substantial than others.
If such is the case, I'll go back through the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My knowledge of the Gloucester market is an imperative element in your house search. I'm mindful of all the neighborhoods and schools, and I can communicate some areas are "hot" and call for immediate action and the ones that are "cool" and allow for careful consideration.
As we tour homes, I'll make sure to communicate when the seller's asking price has room for bargaining and also when I think the home is "priced to sell."
Every REALTOR will convince you they truly know the home market, but take notice, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at (804) 694-3113 or e-mail me at , and I'll be more than happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in Gloucester, and when we do, I'll meticulously create your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, finishing the home inspection, and a clean title.
When turning in your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is most often put towards the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Obtain your loan
After the contract is finished, 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'll want to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) detailing your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of taking your application.
The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often occur at a title company or escrow office and should be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at (804) 694-3113 or e-mail me at .