With some up-front planning, buying a home isn't very hard, but the event is stressful for many people. So you'll understand exactly what to expect, I like to supply my buyers with a road map of the whole deal. Below are my nine steps to buying a home.
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If you have any questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at randy@randyandronnie.com. |
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Step 1 – Get ready to purchase
There are plenty of things you'll want to do before you search for a home. When you begin your search, you'll probably want to form an index of features you need to have, get a plan of what school districts you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent
This is where Randy and Ronnie Winks - Exit Realty The Tracey Group can help. We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans. We'll discuss neighborhoods, schools in the Folly Beach area, the mortgage and housing industries, and any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you get started on your loan. Randy and Ronnie Winks - Exit Realty The Tracey Group partners with some of Folly Beach's best mortgage professionals, so you'll be in great hands. They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll begin looking for houses on the market that meet your needs. I'll research many of the houses and ignore the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
As we view the homes, I'll identify positive features and negative ones. I'll also ask you to talk about things you like and don't like. As a rule, buyers update their list of must-haves as we tour homes and some items become more necessary than others. If that's the case, I'll go back through the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's understanding of the Folly Beach housing market is a fundamental component in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll let you know what areas are "hot" and require prompt action and the ones that are "cool" and allow for more analysis.
When we tour houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell." Be careful and be sure to ask your agent lots of questions, as any REALTOR® in Folly Beach will tell you they understand the housing market. If it seems like they don't know everything, just call me at 888-867-2476 or e-mail me at randy@randyandronnie.com, and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in the Folly Beach area, and when we do, I'll meticulously create your real estate purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the initial offer – it's widely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract. We'll also work within your budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Get a loan
After the deal is finished, you'll start working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take very long at all, but you'll want to keep in close contact with your mortgage lender. And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application. This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if it all looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 888-867-2476 or send me an e-mail.
