With some planning ahead of time, buying a home isn't very hard, but the event is intimidating for a lot of people.
I like to supply buyers with an overview of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at diane.maffei@gmail.com.
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Step 1 – Prepare to buy a home
Before you start your home search, there are a lot of things you should take into account.
When you start your search, you'll probably want to create an index of items you need, get a feeling for what school districts you'd like to live in, and start planning around your budget.
A good principle to adhere to is that your mortgage payment should be less than or around 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where Veltri and Associates, Realtors can help.
I'd be more than happy to plan a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Toms River area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
Veltri and Associates, Realtors works with some of the finest mortgage professionals in Toms River, so you can rest assured that you're in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After we meet for the first time, I'll start searching for available houses on the market that best suit you.
I'll preview many of the homes and eliminate the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.
When we view homes, I'll identify good features and bad ones. And I'll ask you about things you like and dislike.
As a rule, buyers amend their list of must-haves as we view homes and some items become far more essential than others.
If that's the situation, I'll look through all the listings another time and narrow it down to the house of your dreams.
Step 4 – Get a feel for the market
My understanding of the Toms River market is a valuable advantage in your house search. I'm mindful of all the school districts and neighborhoods, and I'll communicate what districts are "hot" and demand immediate action and others that are "cold" and allow for more consideration.
As we tour houses, I'll be sure to tell you when the asking price has room for negotiation and when I think the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask lots of questions, as every REALTOR® will convince you they know the home market.
If things don't add up, call me at 732-804-7642 or e-mail me at diane.maffei@gmail.com, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in Toms River. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When we turn in your offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's really common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Obtain your loan
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all. However, you should to keep in close contact with your mortgage lender.
And I'll take care of all the property information your 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 mortgage lender within three days of receiving your loan application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your home. This should occur at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 732-804-7642 or send me an e-mail.
