With some up-front planning, buying a home isn't all that confusing, but the event can be stressful for a lot of people.
So you'll understand exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
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Should you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at bud@margaretadorjan.com.
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Step 1 – Prepare to purchase a home
Before you start looking for a home, there are a lot of things you should contemplate.
When you start your search, you'll probably want to create an outline of features you want, get a plan of what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good principle to adhere to is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Get in touch with a real estate agent in Englewood
That's where I come in.
I'd love to arrange a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Englewood area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
I can also help you start the loan process.
Bud Adorjan, Margaret Adorjan & Associates licensed real estate broker works with some of the best mortgage professionals in Englewood, so you're in great hands.
They can assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
Following our first meeting, I'll start looking for available homes on the market that suit your needs.
I'll research many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we tour houses, I'll identify positive features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
For the most part, buyers amend their wish list as we tour homes and some features become far more essential than others.
If that happens, I'll search all the listings another time and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
My understanding of the Englewood housing market is a necessary benefit in your house search. I am informed of all the neighborhoods and schools, and I'll communicate what neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for more analysis.
When we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I know the house is "priced to sell."
Be mindful and be sure to ask your agent a lot of questions, as any REALTOR® will convince you they truly know the market.
If things don't add up, just call me at 9412702177 or e-mail me at bud@margaretadorjan.com, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream home
We'll find the home of your dreams in Englewood, and when that happens, I'll meticulously create your home 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.
Upon presenting your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer. It's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Obtain your loan
After the contract is complete, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take long at all, but you should to keep in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of getting your loan 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, and RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if it all looks all right.
Then we'll close on your home. This will likely take place at a title company or escrow office and will most likely be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 9412702177 or send me an e-mail.
