Buying a home can be stressful for a lot of people, but it isn't that complex with a bit of up-front planning. So you'll understand exactly what to expect, I like to give my buyers an overview of the whole deal. Below are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to KLandRealty@yahoo.com. I'm glad to answer any questions you have about this information. |
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Step 1 – Get ready to purchase
There are plenty of things you need to consider prior to beginning your home search. You'll want to make a checklist of items you need, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget. Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to go by.
Step 2 – Communicate with a real estate agent in Flushing
That's where I come in. I'd be more than happy to book a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Flushing area, the mortgage industry, and any additional economic factors that might affect your buying decision today or in the future.
I'll also assist you in getting started on your loan. I partner with some of Flushing's best mortgage professionals, so you'll be in great hands. They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our first meeting, I'll begin looking for available houses on the market that are a good fit for you. I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
As we view the homes, I'll identify positive features and negative ones. And I'll ask you to point out what things you like and don't like. Oftentimes, buyers change their list of must-haves as we tour houses and some items become more essential than others. If that's the case, I'll search the listings again and narrow it down to the house you've been wishing for.
Step 4 – Understand the market
An agent's knowledge of the Flushing market is an essential aspect in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I can let you know which neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for careful consideration.
When we view homes, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be on guard and be sure to ask lots of questions, as any real estate agent in Flushing will tell you they comprehend the housing market. If it appears they don't know everything, just call me at 347-751-5288 or e-mail me at winzone88@yahoo.com, and I'd be happy to answer your questions. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in the Flushing area. When we do, I'll thoroughly create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property, and it's usually put towards the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract. In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll begin working with your lender to close the loan. This won't take long at all if you're already pre-qualified, but you'll want to keep in close contact with your mortgage lender. And I'll manage 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) of closing costs from your lender within three days of taking your application. This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at 347-751-5288 or send me an e-mail.