Buying a home is stressful for a lot of people. However, with some planning ahead of time, it isn't that complex. I like to supply buyers with an overview of the entire deal so they know exactly what they can expect. Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are many things you'll want to take into account before starting your home search. You'll want to create a check list of features you need, get a plan of what school districts you'd like to live in, and begin planning around your budget. A good rule to go by is that your mortgage payment should be less than 30 percent of your monthly income.
Step 2 – Communicate with a real estate agent
This is where RICHARD GRECO REAL ESTATE can help. We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Bronx area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
I can also help you start the loan process. There are some great mortgage professionals in Bronx, and I partner with a lot of them, so you're in great hands. They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start finding homes on the market that meet your needs. I'll get a sneak peek of many of the houses and throw out the duds, and then we'll set up appointments to view the houses whenever it's most convenient for you.
When we tour homes, I'll identify good features, as well as bad ones. I'll also ask you to point out what things you like and don't like. It's common for buyers to revise their must-have list as we tour houses and some features become more crucial than others. If that happens, I'll go back through all the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Bronx housing market is a crucial element in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I will alert you to some areas are "hot" and call for immediate action and the ones that are "cold" and allow for careful analysis.
When we tour houses, I'll be sure to tell you if the list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions. Any REALTOR® will convince you they truly understand the market. If things don't add up, just call me at 7185188588 or e-mail me at makemeanoffer2@gmail.com, and I'll be more than happy to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm confident we'll find your dream house in the Bronx area. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we present your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is most often put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed 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 accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a large role in how aggressively we negotiate the contract. We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan. If you're pre-approved, this shouldn't take very long at all, but you should to stay in close contact with your mortgage lender. And I'll take care of 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 loan application. The estimate rests on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxed event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 7185188588 or send me an e-mail.
