Buying a home is a stressful event for most people. However, with a little up-front planning, it isn't all that difficult.
So you understand exactly what to expect, I like to give my buyers 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 dede@duncanandassociates.net. I'm happy to answer questions you have about this information.
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Step 1 – Prepare to buy
There are several things you'll want to consider prior to beginning your home search.
When you start your search, you'll want to assemble an index of must-haves, get a feeling for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent
That's where I can help.
I'd be more than happy to book a time to get together with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Morganfield area.
I can also assist you with getting started on your loan.
Duncan & Associates partners with some of Morganfield's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After we meet, I'll start searching for available homes on the market that are great for you.
I'll preview most of the houses and eliminate the duds, and then we'll book appointments to view the houses when it's most convenient for you.
When we view the homes, I'll identify positive features and bad ones. And I'll ask you what things you like and don't like.
Generally, buyers update their list of must-haves as we tour houses and some features become more substantial than others.
If that happens, I'll go back through the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the housing market
An agent's awareness of the Morganfield housing market is a leading agent in your house search. And I can assure you I'm conscious of all the school districts and neighborhoods, and I can alert you to what districts are "hot" and require immediate action and some that are "cold" and allow for more examination.
As we tour houses, I'll be sure to tell you when the asking price has room for bargaining and when I know 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 real estate agent will claim to comprehend the market.
If it doesn't seem like they know everything, just call me at (270) 389-2020 or e-mail me at dede@duncanandassociates.net, and I'd be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm sure we'll find your dream home in the Morganfield area. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When turning in your offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is usually put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's widely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract.
We'll also work within your budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get financing
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't take much time at all, but you'll want to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application.
This estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will most often occur at a title company or escrow office and should be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you contact me at (270) 389-2020 or send me an e-mail.