Purchasing a home can be stressful for a lot of people. However, with a bit of planning ahead of time, it isn't very complex.
I like to give buyers a road map of the whole deal so they understand exactly what they can expect.
These are my nine steps to buying a home.
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If you have questions about this information or if you're ready to get started, just contact me here or e-mail me at sonia@soniasellssc.com.
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Step 1 – Get ready to buy
There are several things you should take into account before you search for a home.
You'll most likely want to create a check list of features you need to have, plan for what neighborhoods and school districts you want to live in, and begin planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Lexington
This is where I come in.
We can plan 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 the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Lexington area.
In addition, I'll assist you with getting started on your loan.
I work with some of the best mortgage professionals in Lexington, so you'll be in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin looking for available homes on the market that suit your needs.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
As we view homes, I'll show you the positive features, as well as bad ones. And I'll ask you about things you like and don't like.
It's common for buyers to update their list of must-haves as we view houses and some items become far more necessary than others.
If that happens, I'll go back through all the listings once again and trim it down to the house of your dreams.
Step 4 – Get a feel for the market
Your agent's awareness of the Lexington market is a crucial component in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I can alert you to what districts are "hot" and demand immediate action and some that are "cold" and allow for thoughtful analysis.
When we view homes, 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."
Any REALTOR® will claim to truly know the home market, but be careful, and be sure to ask your agent plenty of questions.
If things don't add up, just call me at 803-358-0888 or e-mail me at sonia@soniasellssc.com, and I'd be more than happy to answer your questions. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream house in Lexington, and when we do, I'll meticulously develop your home purchase offer. The offer will be tailored with 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 submitting your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property, and it's typically put towards the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline 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 financing constraints. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Obtain your loan
Once the contract is signed, you'll start working with your lender to close the loan.
If you're already pre-qualified, this shouldn't be a long process at all. But you need to 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) outlining closing costs from your mortgage lender within three days of accepting your application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most often happen at a title company or escrow office and will most likely be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at 803-358-0888 or send me an e-mail.
