Contemplating purchasing a new home in Burr Ridge?With a little up-front planning, purchasing a home isn't very hard, but the event is intimidating for many people. So you'll know exactly what to expect, I like to supply my buyers with a road map of the whole deal. Below are my nine steps to purchasing a home.
|If you have any questions about this information or if you're ready to get started, just contact me here or e-mail me at email@example.com.|
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to contemplate before commencing your home search. You'll most likely want to create a list of must-have features, plan for what school districts and neighborhoods you want to live in, and start planning around your budget. Keeping your mortgage payment less than a third of your monthly income is a good guideline to follow.
Step 2 – Talk to a real estate agent
That's where I can help. I'd be happy to arrange a time to get together with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Burr Ridge area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process. There are some very good mortgage professionals in Burr Ridge, and I partner with a lot of them, so you can rest assured that you're in great hands. They will assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin your search
After our first meeting, I'll begin looking for houses on the market that suit your needs. I'll preview many of the houses and eliminate the bad ones, and then we'll book appointments to tour the homes when it's most convenient for you.
As we view houses, I'll point out good features and negative ones. And I'll ask you to talk about things you like and dislike. It's common for buyers to update their must-have list as we view houses and some features become far more important than others. If that happens, I'll go back through all the listings once more and trim it down to the house you've been dreaming about.
Step 4 – Understand the market
Your agent's awareness of the Burr Ridge housing market is an essential component in your home search. And I assure you I'm familiar with all the schools and neighborhoods, and I will let you know some areas are "hot" and demand immediate action and the ones that are "cold" and allow for thoughtful consideration.
As we view houses, I'll be sure to tell you when the list price has room for bargaining and when I know the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as any REALTOR® in Burr Ridge will tell you they truly understand the market.
If it appears they don't know everything, just call me at (630) 571-4663 or e-mail me at firstname.lastname@example.org, and I'll be more than happy to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find the home of your dreams in Burr Ridge. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies. A few examples are acquiring financing, completing the inspection, and a clean title.
When we submit your offer, you'll likely want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property. The amount is most often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer, and it's pretty common to receive a counter offer. But don't let this alarm you. We'll talk over 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 contract. We'll also work within your budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get a loan
Upon completing the contract, you'll start working with your lender to close the loan. This shouldn't be a long process at all if you're already pre-qualified, but you should to stay in close contact with your mortgage lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application. The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will probably be a smooth and calm event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at (630) 571-4663 or send me an e-mail.