Buying a home is intimidating for most people, but it isn't all that hard with a little up-front planning.
So you'll understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
These are my nine steps to buying a home.
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Should you have any questions regarding any of this information or if you're prepared to get started, just contact me here or e-mail me at jcarpenter@huff.com.
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Step 1 – Prepare to buy a home
There are a lot of things you'll want to consider before beginning your home search.
When you begin your search, you'll probably want to put together a list of must-haves, get an idea of what neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good rule to adhere to.
Step 2 – Talk to a real estate agent
This is where Janet Christie Carpenter, CRS comes in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Cincinnati area.
I can also help you start the loan process.
There are some great mortgage professionals in Cincinnati, and I partner with a lot of them, so you'll be in great hands.
They can assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
Following our first meeting, I'll begin searching for available houses on the market that suit your needs.
I'll preview many of the houses and throw out the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view houses, I'll show you the good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
Generally, buyers revise their wish list as we tour homes and some features become far more substantial than others.
If such is the case, I'll look through the listings again and narrow it down to the house you've been waiting for.
Step 4 – Know the housing market
My awareness of the Cincinnati housing market is a necessary resource in your home search. I am conscious of all the neighborhoods and schools, and I will communicate certain districts are "hot" and call for prompt action and others that are "cool" and allow for cautiousness.
When we view homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
Be careful and be sure to ask your agent lots of questions, as every real estate agent in Cincinnati will convince you they understand the housing market.
If it seems like they don't know everything, just call me at 513-673-5574 or e-mail me at jcarpenter@huff.com, and I'll be happy to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in the Cincinnati area. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll probably 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 usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain financing
Once we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-approved, this won't be a long process at all, but you need to keep 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) outlining closing costs from your lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably happen at a title company or escrow office and will probably be a smooth and hassle-free occasion.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 513-673-5574 or send me an e-mail.
