For most people, purchasing a home is a stressful event. However, with some up-front planning, it isn't very complicated.
I like to provide buyers with an overview of the entire deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to purchase a home
There are many things you should consider before you start searching for a home.
You'll probably want to make a checklist of must-have features, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget.
A good rule to adhere to is that your mortgage payment should be around a third of your monthly income.
Step 2 – Contact a real estate agent
This is where John Hall & Associates comes in.
I'd be happy to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Tempe area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Tempe, and I partner with a lot of them, 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 looking for a home
After we meet for the first time, I'll start searching for available homes on the market that best suit you.
I'll research many of the homes and reject the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
When we tour homes, I'll identify positive features, as well as bad ones. I'll also ask you about things you like and don't like.
For the most part, buyers update their wish list as we view houses and some things become more necessary than others.
If that happens, I'll search all the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Know the market
An agent's awareness of the Tempe home market is a necessary aspect in your home search. And I assure you I'm mindful of all the neighborhoods and schools, and I will alert you to which areas are "hot" and call for immediate action and others that are "cool" and allow for more analysis.
When we tour homes, I'll let you know when the seller's list price has room for bargaining and also when I know the house is "priced to sell."
Any REALTOR® in Tempe will claim to know the market, but trust your instincts, and be sure to ask plenty of questions.
If it appears they don't know everything, call me at 480-844-5900 or e-mail me at katharine@katharinewhiting.com, and I'd be more than happy to answer your questions. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream home in Tempe. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are acquiring financing, carrying out the inspection, and a clean title.
Upon sending in your offer, most likely you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's typically put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a part in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Get a loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
It won't take very long at all if you've been pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
The estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a strict range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will probably take place at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at 480-844-5900 or send me an e-mail.
