Buying a home is an intimidating event for most people, but it isn't very confusing with a bit of planning ahead of time.
I like to supply buyers with an outline of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
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Should you have questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at kitgallini@COMPASSTEXAS.COM.
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Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are several things you need to take into account.
You'll most likely want to form a list of items you want, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
A good rule to follow is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd love to arrange a time to meet with you and talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Mansfield area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Mansfield, and I partner with a lot of them, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
Following our first meeting, I'll begin looking for houses on the market that meet your needs.
I'll preview most of the homes and exclude the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we tour homes, I'll identify positive features, as well as bad ones. I'll even ask you what things you like and dislike.
It's common for buyers to revise their must-have list as we view homes and some things become more essential than others.
If that happens, I'll go back through all the listings again and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
Your agent's knowledge of the Mansfield home market is an essential factor in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I can alert you to certain areas are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful consideration.
As we view homes, I'll be sure to tell you when the seller's list price has room for bargaining and when I trust the home is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions, as every real estate agent in Mansfield will tell you they truly understand the market.
If things don't add up, call me at (817)303-2822 or e-mail me at kitgallini@COMPASSTEXAS.COM, and I'd be more than happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest 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 the Mansfield area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as acquiring financing, completing the inspection, and a clear title.
When we submit your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is usually applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer – it's really common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together 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.
If you're pre-qualified, this shouldn't take very long at all, but you should to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most often occur at a title company or escrow office and should be a smooth and relaxed occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at (817)303-2822 or send me an e-mail.
