Buying a home intimidates a lot of people, but with some planning ahead of time, it's not too complex.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are plenty of things you'll want to consider before you search for a home.
When you begin your search, you'll probably want to make an outline of features you want to have, get a feel for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around a third of your monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent in Hamilton
This is where I come in.
We can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Hamilton area.
I'll also assist you in getting started on your loan.
Coldwell Banker Western States works with some of Hamilton's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll start looking for available homes on the market that are great for you.
I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we view the houses, I'll point out good features and negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to change their must-have list as we tour homes and some features become far more necessary than others.
If that's the case, I'll look through the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Hamilton housing market is a fundamental benefit in your search. I am acquainted with all the schools and neighborhoods, and I can communicate which areas are "hot" and require immediate action and some that are "cool" and allow for thoughtful analysis.
As we tour homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions, as every REALTOR® in Hamilton will tell you they truly know the home market.
If things don't add up, just call me at 406-363-1250 or e-mail me at tlund@cybernet1.com, and I'll be happy to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find the home of your dreams in Hamilton. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are acquiring financing, finishing the inspection, and a clear title.
When we send in your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property and is typically applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer, and it's pretty common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a part 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 assemble a deal that's best for you.
Step 7 – Obtain your loan
Once the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you'll need to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of receiving your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will most often be a smooth and easygoing occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to call me at 406-363-1250 or send me an e-mail.
