Buying a home is intimidating for many people, but it isn't too difficult with a bit of up-front planning.
So you know exactly what to expect, I like to supply my buyers with an outline of the whole deal.
These are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to mcouto@mcoutorealtor.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Get ready to buy
Before you begin your home search, there are several things you should consider.
You'll want to make an index of features you need to have, get a feel for what school districts you want to live in, and start planning your budget.
A good principle to go by is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent in Kearny
This is where I come in.
I'd love to plan a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Kearny area, the mortgage industry, to any other economic factors that could potentially affect your purchase today or in the future.
I can also help you start the loan process.
I work with some of Kearny's best mortgage professionals, so you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, I'll begin searching for houses on the market that meet your needs.
I'll research most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we tour the homes, I'll identify positive features, as well as bad ones. I'll also ask you to tell us about things you like and don't like.
It's widely common for buyers to change their list of must-haves as we tour homes and some features become far more important than others.
If that's the situation, I'll go back through all the listings another time and narrow it down to the home of your dreams.
Step 4 – Know the market
My knowledge of the Kearny market is a fundamental benefit in your house search. I'm conscious of all the neighborhoods and schools, and I'll let you know what areas are "hot" and require immediate action and some that are "cool" and allow for more consideration.
When we tour homes, I'll be sure to tell you if the list price has room for bargaining or if I believe the home is "priced to sell."
Every REALTOR® will claim to comprehend the home market, but be careful, and be sure to ask lots of questions.
If it appears they don't know everything, call me at 201-997-7860 x16 or e-mail me at mcouto@mcoutorealtor.com, and I'd be more than happy to answer any questions you have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in Kearny, and when we do, I'll carefully develop your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we turn in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property, and it's often applied to the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move 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 your loan
Upon finalizing the deal, you'll begin working with your lender to close the loan.
It won't take very long at all if you're already pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll sort out 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) outlining your closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most often happen at a title company or escrow office and will most often be a smooth and easygoing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 201-997-7860 x16 or send me an e-mail.
