Purchasing a home is an intimidating event for most people, but with a little up-front planning, it isn't that difficult.
So you'll know exactly what to expect, I like to give my buyers an overview of the entire deal.
Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to gayleshamroc@rfwave.net. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to buy a home
There are a lot of things you need to do before starting your home search.
You'll probably want to assemble a list of items you need, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent
That's where I can help.
We can book 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 everything from neighborhoods, schools in the Anaconda area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I can also help you get started on your loan.
I work with some of the finest mortgage professionals in Anaconda, so you'll be in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll start finding available homes on the market that meet your needs.
I'll preview most of the houses and remove the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we tour the houses, I'll identify good features and negative ones. I'll also ask you to tell us about things you like and dislike.
Most often, buyers amend their must-have list as we view houses and some things become far more essential than others.
If that's the situation, I'll search all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
Your agent's awareness of the Anaconda home market is a necessary factor in your house search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I can let you know which districts are "hot" and warrant immediate action and the ones that are "cold" and allow for more examination.
As we tour homes, I'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell."
Any REALTOR® in Anaconda will convince you they understand the market, but keep an eye out, and be sure to ask your agent plenty of questions.
If things don't add up, call me at (406) 563-6462 or e-mail me at gayleshamroc@rfwave.net, and I'd be glad to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream home in Anaconda. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are acquiring financing, finishing the inspection, and a clear title.
Upon sending in your offer, you'll probably want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is usually applied to the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows plenty of 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 this intimidate you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Get financing
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this 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 lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often occur at a title company or escrow office and is often a smooth and stress-free affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at (406) 563-6462 or send me an e-mail.