Purchasing a home is a stressful event for a lot of people, but it's not all that hard with a bit of up-front planning. So you know exactly what to expect, we like to supply our buyers with an outline of the whole deal. Below are our nine steps to buying a home.
Step 1 – Get ready to purchase
There are plenty of things you'll want to take into account before starting your home search. You'll want to assemble an index of features you want to have, plan for what school districts you want to live in, and start planning around your budget. A good principle to adhere to is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Contact a real estate agent
That's where we come in. We would like to schedule a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the area.
We will also assist you with getting started on your loan. Clark Properties II works with some of the finest mortgage professionals, so you can rest assured that you're in great hands. They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After we meet for the first time, we will begin looking for available homes on the market that best suit you. we will research many of the houses and remove the bad ones, and then we'll schedule appointments to view the houses when it's convenient for you.
When we tour houses, we will call attention to good features and negative ones and also ask you about things you like and don't like. It's widely common for buyers to update their list of must-haves as we tour homes and some things become far more necessary than others. If that happens, we can go back through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Our awareness of the home market is an indispensable asset in your search. We are mindful of all the school districts and neighborhoods, and will let you know certain areas are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful analysis.
Trust your instincts and be sure to ask lots of questions, as every real estate agent in the area will tell you they comprehend the home market. If it seems like they don't know everything, call us at 507.831.2819 or e-mail me at clarkproperties@windomnet.com, and we will be happy to answer any questions you may have. Our understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
We know we'll find your dream house. When that happens, we'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer, and it's extremely common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to take the counter offer, propose 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 budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Obtain your loan
Once we sign the final contract, you'll start working with your lender to close the loan. This won't take much time at all if you're already pre-qualified, but you should to keep in close contact with your mortgage lender. And we'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application. The estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy, and we'll examine the estimate and let you know if it all looks okay.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, simply contact us at 507.831.2819 or send us an e-mail.
