Buying a home can be stressful for many people, but it isn't too complicated with some up-front planning.
I like to furnish buyers with an outline of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to borgp@aol.com. I'm glad to answer questions you have regarding this information.
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Step 1 – Prepare to purchase
Before you commence your home search, there are plenty of things you'll want to consider.
You'll want to create an index of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin working on your budget.
A good rule to adhere to is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get with a real estate agent
This is where I can help.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Lexington area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
I'll also help you start the loan process.
I partner with some of the best mortgage professionals in Lexington, so you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll begin looking for houses on the market that are great for you.
I'll research most of the houses and reject the bad ones, and then we'll set up appointments to view the homes when it's most convenient for you.
As we tour the houses, I'll identify good features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's widely common for buyers to change their must-have list as we view homes and some features become more important than others.
If that's the situation, I'll look through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Know the market
An agent's awareness of the Lexington market is a crucial aspect in your home search. And I assure you I'm familiar with all the neighborhoods and school districts, and I will let you know some neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for cautiousness.
When we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and when I trust the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions. Any REALTOR® will claim to truly know the home market.
If it appears they don't know everything, call me at (859)421-9911 or e-mail me at borgp@aol.com, and I'd be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm confident we'll find your dream home in Lexington. When we do, I'll meticulously create your purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is usually put towards the cost of closing. If your 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
Most deals aren't closed on the first offer. It's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Secure financing
After the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take much time at all. However, you'll need to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will probably be a smooth and peaceful occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at (859)421-9911 or send me an e-mail.