Buying a home is stressful for most people, but with some up-front planning, it isn't all that complex.
So you'll understand exactly what to expect, I like to provide my buyers with an outline of the entire deal.
Below are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to phil@mdcre.com. I'm happy to answer questions you have regarding this information.
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Step 1 – Get ready to buy a home
Before you start looking for a home, there are a lot of things you should do.
When you start your search, you'll want to form a list of features you want, get a feeling for what school districts you'd like to live in, and start planning your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent in Crofton
That's where I come in.
I'd love to book a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Crofton area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
I'll also help you start the loan process.
Maryland Christian Real Estate works with some of Crofton's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Start your home search
After our first meeting, I'll start searching for available homes on the market that meet your needs.
I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we tour homes, I'll call attention to good features and bad ones. And I'll ask you about things you like and dislike.
Generally, buyers amend their list of must-haves as we tour homes and some things become more necessary than others.
If that's the case, I'll go back through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
My knowledge of the Crofton housing market is an indispensable resource in your search. I am familiar with all the schools and neighborhoods, and I can communicate which districts are "hot" and require prompt action and the ones that are "cool" and allow for more analysis.
As we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions, as every REALTOR® in Crofton will claim to understand the market.
If it appears they don't know everything, call me at (410)721-6100 or e-mail me at phil@mdcre.com, and I'd be glad to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
We'll find the house of your dreams in Crofton, and when we do, I'll meticulously create your real estate purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property and is often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer – it's widely common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Get your loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you'll want to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely happen at a title company or escrow office and should be a smooth and stress-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, just call me at (410)721-6100 or send me an e-mail.
