For most people, buying a home is a stressful event. But with a little planning ahead of time, it's not all that difficult.
So you know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to buy
There are several things you'll want to contemplate before commencing your home search.
You'll most likely want to assemble a checklist of items you want to have, get a plan of what neighborhoods you'd like to live in, and begin working on your budget.
A good guideline to go by is that your mortgage payment should be around 30 percent of your monthly income.
Step 2 – Speak with a real estate agent
That's where I come in.
We'll arrange a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Staten Island area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I partner with some of Staten Island's best mortgage professionals, so you'll be in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll start finding available houses on the market that best suit you.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll book appointments to tour the houses when it's convenient for you.
When we view houses, I'll point out good features, as well as negative ones. And I'll ask you to point out what things you like and don't like.
Generally, buyers change their list of must-haves as we tour houses and some things become far more important than others.
If such is the case, I'll go back through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
Your agent's awareness of the Staten Island home market is a crucial element in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I can communicate which areas are "hot" and require prompt action and others that are "cold" and allow for more consideration.
When we view houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
Any real estate agent will convince you they know the home market, but be on guard, and be sure to ask your agent a lot of questions.
If things don't add up, contact me at 1-718-442-5200 or e-mail me at tjwilliamsc21@aol.com, and I'd be more than happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream home in the Staten Island area. When we do, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, finishing the inspection, and a clear title.
Upon presenting your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is typically applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer – it's pretty common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Obtain your loan
Once we sign the final sales contract, you'll start working with your lender to close the loan.
This won't take much time at all if you've been pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage 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 mortgage lender within three days of accepting your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will likely take place at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 1-718-442-5200 or send me an e-mail.
