Purchasing a home is an intimidating event for most people, but it isn't very difficult with some planning ahead of time.
I like to furnish buyers with an overview of the entire deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
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If you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at tsieger@frontier.net.
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Step 1 – Get ready to buy a home
There are plenty of things you need to take into account before you look for a home.
When you begin your search, you'll want to make a checklist of items you want, get a feeling for what neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule to follow.
Step 2 – Speak with a real estate agent
This is where I can help.
I'd like to arrange a time to meet with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Durango area.
I can also help you start the loan process.
There are some excellent mortgage professionals in Durango, and I work with a lot of them, so you're in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll start searching for available houses on the market that are great for you.
I'll get a sneak peek of most of the homes and ignore the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we tour the houses, I'll point out positive features and bad ones. And I'll ask you to talk about things you like and don't like.
It's widely common for buyers to change their list of must-haves as we tour houses and some items become far more essential than others.
If that's the situation, I'll look through all the listings again and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
An agent's understanding of the Durango market is a crucial aspect in your home search. And I assure you I'm mindful of all the neighborhoods and schools, and I will let you know what districts are "hot" and demand immediate action and others that are "cool" and allow for careful analysis.
When we view houses, I'll be sure to tell you when the asking price has room for negotiation and when I trust the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions, as any real estate agent in Durango will claim to comprehend the housing market.
If things don't add up, just call me at 970.375.5530 or e-mail me at tsieger@frontier.net, and I'll be happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in Durango. When we do, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title.
When presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is typically applied to the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that works well for you.
Step 7 – Get your loan
Once we sign the final contract, you'll begin working with your lender to close the loan.
It shouldn't take long at all if you're already pre-qualified, but you'll need to stay in close contact with your mortgage 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 furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 970.375.5530 or send me an e-mail.