Purchasing a home can be stressful for most people, but it isn't all that difficult with a little planning ahead of time.
So you know exactly what to expect, I like to furnish my buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
There are plenty of things you'll want to contemplate before you start searching for a home.
You'll probably want to put together an outline of features you want, plan for what school districts you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent
This is where Re/Max Masters, Inc. comes in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Greenwood Village area.
I'll also help you get started on your loan.
There are some very good mortgage professionals in Greenwood Village, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll begin finding homes on the market that are good for you.
I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we view houses, I'll identify good features and bad ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to update their must-have list as we tour homes and some features become far more necessary than others.
If that's the situation, I'll search all the listings again and narrow it down to the home you've been dreaming about.
Step 4 – Understand the market
My knowledge of the Greenwood Village home market is a necessary asset in your house search. I am conscious of all the school districts and neighborhoods, and I can let you know what neighborhoods are "hot" and demand prompt action and others that are "cold" and allow for more analysis.
When we tour houses, I'll let you know when the asking price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any real estate agent will tell you they truly know the housing market.
If things don't add up, just call me at (303) 347-2420 or e-mail me at cwlaughlin@aol.com, and I'd be glad to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the house of your dreams in the Greenwood Village area, and when we do, I'll meticulously create your home purchase offer. The offer will be tailored with your needs in mind. 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 we submit your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property, and it's usually put towards the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Obtain financing
Once the contract is signed, you'll start working with your lender to close the loan.
If you're pre-qualified, this won't take much time at all. However, you'll need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and will probably be a smooth and stress-free affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (303) 347-2420 or send me an e-mail.
