With a little up-front planning, buying a home isn't very hard, but the event intimidates a lot of people.
So you'll know exactly what to expect, I like to give my buyers a road map of the whole deal.
Below are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, you can contact me here or send e-mail to kent.dover@era.com. I'm happy to answer any questions you have regarding this information.
|
|
|
|
|
Step 1 – Get ready to buy a home
Before you begin your home search, there are many things you need to consider.
When you begin your search, you'll probably want to create a list of features you need, plan for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Get in touch with a real estate agent in Hot Springs
That's where I come in.
We'll plan 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 everything from neighborhoods, schools in the Hot Springs area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you get started on your loan.
ERA Rushing McAdams Polychron REALTORS works with some of the finest mortgage professionals in Hot Springs, so you'll be in great hands.
They can assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, I'll begin finding available houses on the market that best suit you.
I'll preview many of the homes and exclude the duds, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
When we tour homes, I'll identify positive features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
For the most part, buyers amend their must-have list as we view homes and some features become far more important than others.
If that happens, I'll search the listings again and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Hot Springs housing market is a crucial factor in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can communicate some districts are "hot" and warrant prompt action and others that are "cool" and allow for thoughtful analysis.
As we tour homes, I'll make sure to communicate when the asking price has room for bargaining and also when I think the house is "priced to sell."
Be careful and make sure you ask your agent lots of questions, as every REALTOR® will claim to comprehend the market.
If it seems like they don't know everything, call me at 501.623.2511 or e-mail me at kent.dover@era.com, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in the Hot Springs area. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
Upon presenting your offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property and is often put towards the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer, and it's very common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Get financing
After we sign the final contract, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all, but you need to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at 501.623.2511 or send me an e-mail.
