For most people, buying a home is a stressful event. But with a bit of up-front planning, it's not all that difficult. I like to supply buyers with an overview of the whole deal so they'll know exactly what to expect. Below are my nine steps to purchasing a home.
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Should you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at Mike@realestatecharlestonarea.com. |
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Step 1 – Prepare to buy
Before you begin searching for a home, there are many things you need to take into account. It's likely that you'll want to make an index of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin planning around your budget. Ensuring your mortgage payment is less than or close to a third of your net monthly income is a good principle to adhere to.
Step 2 – Get with a real estate agent
This is where I can help. I'd be happy to plan a time to meet with you and communicate with you about your real estate needs and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Mount Pleasant area.
I'll also help you get started on your loan. I work with some of Mount Pleasant's finest mortgage professionals, so you're in great hands. They will assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After our first meeting, I'll start looking for homes on the market that are good for you. I'll research most of the homes and remove the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we tour houses, I'll identify good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike. Generally, buyers change their wish list as we view houses and some features become far more essential than others. If such is the case, I'll look through the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
My knowledge of the Mount Pleasant housing market is an essential resource in your search. I'm familiar with all the neighborhoods and schools, and I can communicate what areas are "hot" and call for prompt action and others that are "cold" and allow for more examination.
When we tour homes, 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, trust your instincts and be sure to ask lots of questions, as any real estate agent will convince you they know the market. If things don't add up, call me at 843-452-6038 or e-mail me at , and I'd be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream home in the Mount Pleasant area. When that happens, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, carrying out the inspection, and a clear title.
Upon turning in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's most often applied to the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Secure your loan
Once we sign the final deal, you'll start working with your lender to close the loan. If you're pre-qualified, it shouldn't be a long process at all, but you'll want to keep in close contact with your lender. And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your application. This estimate depends on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This should happen at a title company or escrow office and is often a smooth and relaxing occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at 843-452-6038 or send me an e-mail.
