Contemplating buying a home in Gloucester?
Buying a home is a stressful event for many people, but with some planning ahead of time, it isn't all that complex.
I like to supply buyers with an outline of the entire deal so they understand exactly what to expect.
Below are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Prepare to purchase
There are a lot of things you need to take into account before starting your home search.
You'll most likely want to form an outline of items you need, plan for what school districts you'd like to live in, and start planning your budget.
A good guideline to adhere to is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Gloucester
This is where I can help.
We'll set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Gloucester area.
In addition, I'll help you get started on your loan.
Southern Trade Realty, Inc. partners with some of the best mortgage professionals in Gloucester, so you'll be in great hands.
They will assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Start your search
Following our initial meeting, I'll start finding homes on the market that are a good fit for you.
I'll get a sneak peek of most of the houses and throw out the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
When we view the homes, I'll call attention to positive features, as well as bad ones. I'll also ask you to tell us about things you like and dislike.
Generally, buyers update their wish list as we tour homes and some features become more necessary than others.
If that's the case, I'll look through the listings once again and trim it down to the home you've been waiting for.
Step 4 – Comprehend the market
My understanding of the Gloucester market is a necessary aspect in your house search. I am familiar with all the neighborhoods and school districts, and I'll let you know what neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions, as any REALTOR in Gloucester will claim to understand the market.
If it doesn't seem like they know everything, call me at (804) 694-3113 or e-mail me at , and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in Gloucester, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is often put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's widely common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain your loan
Once the deal is finalized, you'll start working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take much time at all. But you need to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your application.
This estimate rests 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 examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This will probably take place at a title company or escrow office and will likely be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just call me at (804) 694-3113 or e-mail me at .