Buying a home can be stressful for a lot of people, but it isn't all that confusing with a little up-front planning. So you'll understand exactly what to expect, I like to supply my buyers with a road map of the whole deal. Here are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are many things you need to contemplate before you look for a home. You'll want to form a list of must-have features, get an idea of what school districts and neighborhoods you'd like to live in, and start planning your budget. Keeping your mortgage payment less than 30 percent of your monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent in Virginia Beach
That's where I can help. We'll plan a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Virginia Beach area.
In addition, I'll help you start the loan process. There are some very good mortgage professionals in Virginia Beach, and I work with a lot of them, so you'll be in great hands. They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin your search
Following our initial meeting, I'll start looking for homes on the market that are good for you. I'll preview most of the houses and eliminate the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour homes, I'll show you the good features, as well as negative ones. I'll even ask you to tell us about things you like and don't like. Most often, buyers amend their list of must-haves as we view houses and some things become far more crucial than others. If that's the case, I'll search all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Virginia Beach market is an imperative agent in your home search. And I can assure you I'm informed of all the neighborhoods and school districts, and I'll let you know certain areas are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful examination.
When we view houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Any REALTOR® in Virginia Beach will claim to know the home market. If things don't add up, just call me at 757-270-6318 or e-mail me at tturner@iamtlt.com, and I'd be glad to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm confident we'll find your dream house in Virginia Beach. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon turning in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is typically applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer – it's widely common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market. We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Get financing
Upon signing the contract, you'll begin working with your lender to close the loan. It won't take much time at all if you're already pre-approved, but you should to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your 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 involve all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at 757-270-6318 or send me an e-mail.
