The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but it is good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

I would like to schedule a time to meet with you to hear the reasons you want to buy a house and your plans for the future. We can talk about the basic needs you have as far as bedrooms, bathrooms, style of home as well as what items are on your "dream list". We will also review economic factors liable to affect the market today and in the foreseeable future.

At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal.

Step 3 - Begin the Hunt

After our initial meeting, I will search all my resources for houses on the market that fit your criteria. I will research these houses to eliminate the ones that do meet your needs. Then, I will schedule appointments to tour the houses at times convenient to you.

As we tour houses, it is an important part of my job to point out positive features and negative features. I will ask you to tell me what you like and what you don't like about each property. You will probably amend your "wish list" as we tour houses, some things will become more important and others will become less important. With this new information, I will refine our search criteria to narrow in on the house of your dreams.

Step 4 - Know the Market

My knowledge of the local market is an essential factor in the your house search. I will let you know when the market is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour houses, I will let you know when the asking price has negotiating room and when the house is "priced to sell". My unique market knowledge will keep you a step ahead of the "house hunting competition".

In a "seller's market it is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream House

I am confident we will find your dream house. When we do, it is my job to prepare the purchase offer and tailor it to your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is normally held by the listing office or the seller's attorney and is applied to your closing costs. If the seller accepts the offer, closing is usually held 45 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you pre-qualified for the loan before starting your home search, you will be that much closer to the end. I will gather the necessary property information your lender will need to close the loan and forward that to your lender.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low. It is normal for you to receive the final figure of how much money you have to bring to closing within 24 hours of closing. You will need to obtain a cashier's check in that amount, payable to yourself, and proof of homeowner's insurance to bring to closing.

Within a day or so of closing, we will go back through the house for a "Final Walk Through". We will test all the working components of the home to verify that everything is in the same working condition as when you wrote the purchase offer.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I'll give you a checklist to help you remember the numerous details that will make your moving day a pleasure.

Looking to Buy?

Are you looking to buy a house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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