Purchasing a home is stressful for a lot of people, but with a little up-front planning, it isn't all that hard. So you understand exactly what to expect, I like to give my clients a Buyers Guide - a road map of the entire process. Here are my nine steps to buying a home.
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If you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at doris@dorispalmerluttrell.com. |
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Step 1 – Prepare to purchase a home
Before you begin looking for a home, there are many things you'll want to contemplate. You'll most likely want to create a check list of must-haves, get a plan of what school districts and neighborhoods you want to live in, and begin working on your budget. A good guideline to go by is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent in Cincinnati
That's where I can help. I'd be happy to schedule a time to meet with you to discuss the process of buying a home and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the Cincinnati area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
I can also assist you with getting started on your loan. I partner with some of the best mortgage professionals in Cincinnati, so you'll be in great hands. They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After we meet, I'll start searching for houses on the market that are good for you. I'll get a sneak peek of many of the houses and ignore the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the homes, I'll call attention to positive features, as well as bad ones. I'll even ask you to talk about things you like and dislike. It's common for buyers to change their wish list as we view houses and some things become far more necessary than others. If that's the case, I'll search all the listings once again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
My understanding of the Cincinnati home market is a valuable asset in your house search. I am acquainted with all the neighborhoods and schools, and I'll alert you to some areas that are "hot" and demand prompt action and the ones that allow for more consideration.
When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell." Every REALTOR® in Cincinnati will tell you they understand the market, but be wary, and be sure to ask your agent a lot of questions. If things don't add up, call me at 513.766.3737 or e-mail me at doris@dorispalmerluttrell.com, and I'd be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I know we'll find your dream house in the Cincinnati area. When we do, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, finishing the home inspection, and a clean title.
When we turn in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit to an escrow account held by the listing broker to secure an offer to buy the property and is typically applied to the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the initial offer, and it's widely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get financing
After we sign the final deal, you'll begin working with your mortgage lender to close the loan. Since you're pre-approved, this shouldn't take very long at all. However, you should keep in close contact with your mortgage lender. And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application. The estimate includes all closing costs and must fall within a close range of accuracy of the final closing costs. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most often happen at a title company or real estate office and will probably be a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 513.766.3737 or send me an e-mail.
