Buying a home intimidates most people, but it isn't too confusing with some up-front planning.
I like to supply buyers with an outline of the whole deal so they'll understand exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are a lot of things you need to contemplate before you look for a home.
When you begin your search, you'll probably want to create a check list of must-haves, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good principle to follow.
Step 2 – Get with a real estate agent
This is where Anne M Burtch can help.
We'll arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Norwich area.
I can also help you start the loan process.
There are some great mortgage professionals in Norwich, and I work with a lot of them, so you're in great hands.
They can assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
Following our initial meeting, I'll begin finding houses on the market that suit your needs.
I'll research most of the houses and exclude the bad ones, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we view the houses, I'll call attention to good features and negative ones. And I'll ask you what things you like and don't like.
Usually, buyers revise their must-have list as we tour homes and some features become far more important than others.
If that happens, I'll look through all the listings once more and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
My awareness of the Norwich market is a fundamental benefit in your house search. I'm acquainted with all the schools and neighborhoods, and I can alert you to what areas are "hot" and demand prompt action and others that are "cool" and allow for careful consideration.
As we view homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I believe the home is "priced to sell."
Be careful and be sure to ask a lot of questions, as any REALTOR® in Norwich will claim to understand the market.
If things don't add up, call me at 860-334-6237 or e-mail me at anneburtch@anneburtch.com, and I'd be happy to answer any questions you may have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in Norwich, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is typically applied to the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's extremely common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Obtain a loan
Upon completing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it won't be a long process at all. But you'll 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
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking 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 strict range of accuracy. I'll study the estimate and let you know if everything looks all right.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and calm occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just call me at 860-334-6237 or send me an e-mail.
