With a little planning ahead of time, buying a home isn't too confusing, but the event intimidates a lot of people.
So you'll know exactly what to expect, I like to provide my buyers with an overview of the whole deal.
Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to gijohnsonrealty@aol.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Get ready to purchase a home
There are several things you need to take into account prior to starting your home search.
You'll probably want to create an outline of must-haves, get a feel for what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good rule to follow.
Step 2 – Contact a real estate agent in Cromwell
This is where JOHNSON REAL ESTATE, INC. comes in.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Cromwell area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you start the loan process.
There are some great mortgage professionals in Cromwell, 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 qualified.
Step 3 – Begin house-hunting
After we meet, I'll begin looking for available houses on the market that meet your needs.
I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we tour homes, I'll identify good features and bad ones. I'll even ask you about things you like and don't like.
It's widely common for buyers to change their must-have list as we tour homes and some items become more important than others.
If such is the case, I'll look through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
Your agent's understanding of the Cromwell market is a crucial component in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I will let you know which areas are "hot" and call for prompt action and some that are "cold" and allow for careful analysis.
When we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions. Every REALTOR® will convince you they truly know the housing market.
If it seems like they don't know everything, call me at (860) 635-0387 or e-mail me at gijohnsonrealty@aol.com, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the home of your dreams in the Cromwell area. When we do, I'll meticulously create your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we present your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's 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 afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's very common to receive a counter offer. Don't let it discourage 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 go on.
The state of the market will play a role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Get a loan
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't take long at all. But you need to keep in close contact with your lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your application.
This estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely take place at a title company or escrow office and should be a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at (860) 635-0387 or send me an e-mail.
