With some planning ahead of time, buying a home isn't too confusing, but the event intimidates a lot of people. I like to give buyers a road map of the entire deal so they'll know exactly what they can expect. These are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
Before you begin looking for a home, there are several things you'll want to do. You'll most likely want to make a checklist of items you want, plan for what school districts you'd like to live in, and start working on your budget. Keeping your mortgage payment around 30 percent of your net monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent in Bossier City
That's where I can help. We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about neighborhoods, school districts in the Bossier City area, the mortgage and housing industries, and any other economic factors that could potentially affect your purchase today or in the future.
I can also assist you in getting started on your loan. There are some great mortgage professionals in Bossier City, and I partner with a lot of them, so you'll be in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
Following our first meeting, I'll begin searching for homes on the market that are a good fit for you. I'll preview most of the houses and ignore the duds, and then we'll book appointments to view the homes when it's convenient for you.
As we tour the houses, I'll show you the positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike. Most often, buyers amend their wish list as we tour houses and some features become more necessary than others. If such is the case, I'll search the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My understanding of the Bossier City home market is an indispensable asset in your search. I'm conscious of all the school districts and neighborhoods, and I can alert you to some areas are "hot" and call for immediate action and others that are "cool" and allow for more consideration.
When we view houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask plenty of questions, as any real estate agent in Bossier City will tell you they know the housing market. If things don't add up, contact me at 318-746-0011 or e-mail me at vhackleman@suddenlink.net, and I'll be glad to answer any questions you have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find the home of your dreams in the Bossier City area. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as obtaining financing, completing the inspection, and a clear title.
Upon presenting your offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Get a loan
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this won't take very long at all, but you should to stay in close contact with your mortgage lender. And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your application. The estimate depends on the loan amount, and RESPA requirements order that it has to include 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 house. This will most often occur at a title company or escrow office and will likely be a smooth and relaxing event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 318-746-0011 or send me an e-mail.
