For many people, buying a home can be a stressful event. However, with a little planning ahead of time, it's not very complicated.
So you understand exactly what to expect, I like to supply my buyers with an outline of the whole deal.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Before you start looking for a home, there are many things you'll want to contemplate.
You'll probably want to make an outline of features you want to have, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent
This is where Benchmark Realty, LLC can help.
I'd be more than happy to plan a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Brentwood area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in Brentwood, and I partner with a lot of them, so you're in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll start looking for homes on the market that are great for you.
I'll preview many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour homes, I'll call attention to positive features and negative ones. I'll even ask you what things you like and don't like.
As a rule, buyers update their wish list as we view homes and some items become more substantial than others.
If that's the situation, I'll search all the listings once more and trim it down to the home you've been wishing for.
Step 4 – Know the housing market
My understanding of the Brentwood home market is an indispensable advantage in your home search. I am conscious of all the schools and neighborhoods, and I can alert you to which districts are "hot" and demand immediate action and some that are "cool" and allow for careful analysis.
When we view houses, I'll let you know when the list price has room for negotiation and when I believe the house is "priced to sell."
Every REALTOR® will tell you they understand the market, but be careful, and make sure you ask your agent a lot of questions.
If it seems like they don't know everything, contact me at 615.337.2000 or e-mail me at Sharon@sharonbrugman.co, and I'll be glad to answer any questions you might have. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream home in Brentwood. When we do, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When submitting your offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's often put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Get your loan
Once the contract is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all, but you 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 lender will give you a Good Faith Estimate (GFE) of closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your application.
The estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will likely take place at a title company or escrow office and is often a smooth and pleasant occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 615.337.2000 or send me an e-mail.
