Buying a home is intimidating for many people, but with a bit of planning ahead of time, it isn't all that difficult.
I like to furnish buyers with an overview of the whole deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
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Should you have questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at scott@beauforthometeam.com.
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Step 1 – Get ready to purchase
There are several things you need to consider prior to beginning your home search.
When you start your search, you'll probably want to create a list of must-haves, get an idea of what neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent
That's 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 plans for the future.
We'll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Beaufort area.
I can also help you get started on your loan.
There are some great mortgage professionals in Beaufort, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After our first meeting, I'll start looking for homes on the market that best suit you.
I'll get a sneak peek of many of the homes and eliminate the bad ones, and then we'll set up appointments to view the homes when it's most convenient for you.
As we tour houses, I'll call attention to positive features, as well as bad ones. I'll also ask you to point out what things you like and don't like.
Most often, buyers revise their list of must-haves as we tour houses and some features become more essential than others.
If that's the case, I'll search all the listings another time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
An agent's awareness of the Beaufort market is a crucial agent in your home search. And I assure you I'm mindful of all the schools and neighborhoods, and I will alert you to some districts are "hot" and warrant immediate action and some that are "cold" and allow for more analysis.
As we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I believe the house is "priced to sell."
Any REALTOR® in Beaufort will convince you they understand the housing market, but keep an eye out, and make sure you ask plenty of questions.
If it doesn't seem like they know everything, call me at 843 321 9867 or e-mail me at scott@beauforthometeam.com, and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream home in Beaufort, and when we do, I'll meticulously develop your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we send in your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is usually put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the initial offer – it's very common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Secure financing
After the deal is complete, you'll start working with your mortgage lender to close the loan.
This won't take long at all if you're already pre-qualified, but you need to keep in close contact with your mortgage 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 give you a Good Faith Estimate (GFE) of closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving 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 strict range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most often be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 843 321 9867 or send me an e-mail.
