Purchasing a home is intimidating for many people, but it's not all that difficult with a little planning ahead of time. So you'll know exactly what to expect, we like to supply our buyers with an overview of the entire deal. Below are nine steps to buying a home.
Step 1 – Prepare to buy
Before you start searching for a home, there are a lot of things you should consider. You'll want to put together a checklist of items you want to have, get a feel for what neighborhoods you'd like to live in, and start working on your budget. Ensuring your mortgage payment is less than 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Get with a real estate agent in Seattle
That's where we come in. We can set up a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Seattle area.
In addition, I'll help you begin the loan process. we partner with some of Seattle's best mortgage professionals, so you're in great hands. They will assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start your search
Following our initial meeting, I'll start looking for available houses on the market that meet your needs. I'll get a sneak peek of many of the homes and throw out the bad ones, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we view houses, I'll call attention to good features, as well as negative ones. I'll even ask you to tell us about things you like and don't like. It's pretty common for buyers to amend their wish list as we tour homes and some items become more necessary than others. If that's the case, I'll search all the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the market
Our awareness of the Seattle area home market is an essential advantage in your search. We are conscious of all the schools and neighborhoods, and we will let you know certain areas are "hot" and call for prompt action and some that are "cool" and allow for thoughtful analysis.
As we tour houses, we will make sure to communicate if the list price has room for bargaining or if we believe the house is "priced to sell." When working with an agent, be careful and be sure to ask lots of questions. Every real estate agent will tell you they understand the home market. If it seems like they don't know everything, just call me at 425.820.1495 or e-mail me at admin@preferredres.net, and I'll be more than happy to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream home in the Seattle area. When that happens, our team member will meticulously create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as getting financing, completing 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 the seller to secure the offer to purchase the property and is usually put towards the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan. It won't take long at all if you've been pre-qualified, but you should to stay in close contact with your mortgage lender. And I'll sort out 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) detailing your closing costs from your mortgage lender within three days of receiving your loan application. The estimate is based on the loan amount. RESPA requirements require that it has to include all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will probably occur at a title company or escrow office and is often a smooth and stress-free occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 425.820.1495 or send me an e-mail.
