For many people, purchasing a home can be an intimidating event. But with some up-front planning, it's not too hard. I like to give buyers an overview of the whole deal so they'll understand exactly what they can expect. Here are our nine steps to purchasing a home.
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When you're ready to get started, simply call me or send an e-mail. I'm glad to address questions you have about this information. |
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Step 1 – Prepare to purchase
Prior to starting your home search, there are several things you should do. When you start your search, you'll want to form an outline of must-haves, get a feeling for what school districts and neighborhoods you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good guideline to go by.
Step 2 – Talk to a real estate agent in Charlotte
This is 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 future plans. We'll talk about neighborhoods, school districts in the Charlotte area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
I will also assist you with getting started on your loan. There are some great mortgage professionals in Charlotte, and I work with a lot of them, so you're in great hands. They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our initial meeting, I'll start finding houses on the market that are a good fit for you. I'll research most of the homes and exclude the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
As we view the homes, I'll call attention to good features and negative ones. I'll also ask you to tell us about things you like and dislike. It's common for buyers to revise their list of must-haves as we tour houses and some features become more essential than others. If that happens, I'll search the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
My awareness of the Charlotte housing market is an indispensable asset in your house search. I am conscious of all the neighborhoods and school districts, and I will communicate which districts are "hot" and call for immediate action and others that are "cold" and allow for thoughtful consideration.
When we tour homes, I'll let you know when the seller's list price has room for negotiation and also when I believe the home is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions. Any REALTOR® will convince you they truly know the market. If things don't add up, call me or e-mail me at tjfarzalo@gmail.com, and we'd be more than happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find your dream house
We will find your dream house in Charlotte, and when we do, we will thoroughly develop your purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property and is most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, I'll put together a deal that's best for you.
Step 7 – Secure your loan
After we sign the final contract, you'll begin working with your lender to close the loan. This shouldn't be a long process at all if you're already pre-qualified, but you'll need to keep in close contact with your lender. And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of getting your application. This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy, and I will review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and calm event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it.