Buying a home is stressful for a lot of people, but it's not very difficult with a bit of planning ahead of time.
I like to furnish buyers with a road map of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to purchase
Prior to beginning your home search, there are several things you should consider.
When you begin your search, you'll probably want to make an outline of items you need to have, get a feel for what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I'd be more than happy to set up a time to get together with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the State College area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in State College, and I work with a lot of them, so you'll be in great hands.
They will help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll start searching for available houses on the market that are great for you.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we view houses, I'll show you the good features, as well as negative ones. I'll even ask you about things you like and dislike.
It's common for buyers to amend their wish list as we tour homes and some things become far more necessary than others.
If that's the situation, I'll go back through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
An agent's knowledge of the State College market is a fundamental factor in your home search. And I assure you I'm conscious of all the school districts and neighborhoods, and I'll communicate certain neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for careful consideration.
As we view homes, I'll be sure to tell you when the seller's asking price has room for bargaining and when I think the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions. Any REALTOR® will tell you they truly know the housing market.
If things don't add up, call me at 814-231-2214 or e-mail me at melissasieg@melissasieg.com, and I'd be happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the house of your dreams in the State College area, and when that happens, I'll precisely create your purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's usually applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Obtain financing
Upon completion of the deal, you'll start working with your lender to close the loan.
It won't take much time at all if you've been pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 814-231-2214 or send me an e-mail.
