Buying a home is stressful for many people. However, with a bit of planning ahead of time, it's not too hard.
I like to provide buyers with an outline of the entire deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are a lot of things you need to contemplate before you look for a home.
You'll most likely want to make a check list of features you need to have, plan for what school districts and neighborhoods you'd like to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Speak with a real estate agent in Aurora
This is where I can help.
I'd be more than happy to schedule a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Aurora area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
I work with some of Aurora's finest mortgage professionals, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After our first meeting, I'll begin finding available homes on the market that are great for you.
I'll get a sneak peek of many of the houses and remove the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we view the houses, I'll identify good features and negative ones. I'll also ask you about things you like and don't like.
Most often, buyers amend their list of must-haves as we tour houses and some items become far more crucial than others.
If that happens, I'll look through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's understanding of the Aurora home market is a necessary component in your house search. And I can assure you I'm informed of all the neighborhoods and schools, and I'll alert you to what neighborhoods are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful consideration.
As we view homes, I'll make sure to communicate when the list price has room for negotiation and when I think the house is "priced to sell."
Any REALTOR® will claim to know the housing market, but beware, and make sure you ask lots of questions.
If it seems like they don't know everything, contact me at 303-225-5454 or e-mail me at Aaron@4thewayhome.com, and I'd be more than happy to answer your questions. My understanding 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
I'm positive we'll find your dream home in Aurora, and when that happens, I'll precisely create your purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When turning in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is usually put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer – it's really common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain your loan
Upon finishing the contract, you'll start working with your lender to close the loan.
If you're pre-approved, it won't take long at all. However, you'll want to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will most often take place at a title company or escrow office and is often a smooth and relaxing affair.
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, make sure you call me at 303-225-5454 or send me an e-mail.
