Purchasing a home can be stressful for many people, but it isn't all that difficult with a little up-front planning.
I like to supply buyers with an overview of the entire deal so they'll understand exactly what they can expect.
Below are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to jcaprio@oldecaperealty.com. I'm glad to address any questions you have about this information.
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Step 1 – Get ready to purchase a home
There are a lot of things you should consider prior to beginning your home search.
When you begin your search, you'll want to assemble an index of must-have features, get an idea of what neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent
This is where Olde Cape Realty, Inc. comes in.
I'd like to set up a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Osterville area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Osterville, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with determining which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After our first meeting, I'll start looking for homes on the market that are good for you.
I'll preview most of the homes and remove the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
As we view the homes, I'll identify positive features, as well as negative ones. I'll also ask you to tell us about things you like and dislike.
Frequently, buyers revise their list of must-haves as we view homes and some items become more important than others.
If that's the situation, I'll go back through all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My understanding of the Osterville market is a valuable resource in your home search. I'm familiar with all the school districts and neighborhoods, and I'll alert you to some areas are "hot" and warrant prompt action and others that are "cold" and allow for more consideration.
As we view houses, I'll be sure to tell you when the list price has room for bargaining and also when I think the house is "priced to sell."
Any REALTOR® will convince you they comprehend the housing market, but be mindful, and be sure to ask your agent plenty of questions.
If things don't add up, just call me at 508-420-7900 or e-mail me at jcaprio@oldecaperealty.com, and I'll be more than happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream home in the Osterville area. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is usually put towards the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the beginning offer – it's very common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also 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 – Get a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you've been pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) of closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 508-420-7900 or send me an e-mail.
