With some up-front planning, buying a home isn't all that complicated, but the event intimidates many people.
I like to provide buyers with a road map of the entire deal so they understand exactly what they can expect.
Below are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, you can contact me here or send e-mail to rrawdin@teamhamptons.com. I'm happy to answer questions you have regarding this information.
|
|
|
|
|
Step 1 – Get ready to buy a home
Before you start searching for a home, there are a lot of things you need to consider.
It's likely that you'll want to make an index of items you want, plan for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
A good principle to adhere to is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Get with a real estate agent
This is where I can help.
We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Southampton area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Southampton, and I partner with a lot of them, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
Following our first meeting, I'll start looking for available homes on the market that are a good fit for you.
I'll research many of the homes and eliminate the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.
When we view the houses, I'll identify positive features, as well as negative ones. And I'll ask you about things you like and dislike.
It's common for buyers to amend their list of must-haves as we tour homes and some things become more crucial than others.
If such is the case, I'll search the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Know the market
My awareness of the Southampton housing market is a necessary asset in your search. I'm mindful of all the neighborhoods and school districts, and I will let you know certain areas are "hot" and require immediate action and the ones that are "cold" and allow for careful examination.
When we tour houses, I'll be sure to tell you when the asking price has room for negotiation and also when I know the home is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any REALTOR® will convince you they understand the home market.
If it appears they don't know everything, contact me at 631-204-2731 or e-mail me at rrawdin@teamhamptons.com, and I'd be happy to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm certain we'll find your dream house in the Southampton area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property and is typically put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Get your loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all. But you should to stay in close contact with your 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 supply you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your application.
This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most likely happen at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 631-204-2731 or send me an e-mail.