real estate pros
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buying a home
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Step One: Deciding to Buy a Home Think about the reasons you want a new home. Write them down and decide how long you intend on living there. Would renting be a more efficient way to live? You must also decide on what your needs are. How many bedrooms do you need? How large do you want the kitchen to be? Can you afford a home like this? A monthly payment larger than one-third of your total monthly income is not a good idea.Step Two - Finding a Professional to Help You We can schedule a time for us to get together. During this we will talk about your wants and needs regarding your new home, neighborhoods, schools, and anything thing else that will affect your future. Along with all that we will have you fill out a loan application and help get you pre-qualified. Getting pre-qualified is just receiving a letter from a mortgage company saying you may or may not get approved.Step Three - Looking for Your Home After our meeting we will get together information on homes that meet your criteria. First, we will go out and look at them to make sure that they fit your needs, and then we can schedule a time for you to tour the homes, whatever is convenient for you. While we tour, we will tell you about the features that are specific to each home, both positive and negative. You then can tell us what you like and what you don't like about each home. These criticisms are important; with each one it will help us narrow down to only the homes you really want.Step Four - Know the Market Knowledge of the local market is essential for finding the best deals. The people here at Just My Home Loans know the markets and will tell you when it is necessary to take action immediately or when you will have time to stop and think about your decisions. During the tours we will tell you how much the asking price for each home is and if there is room for negoation. In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.Step Five - Finding the Home of Your Dreams When we find your home, we will put together an offer to secure your place as the buyer of the property. With an offer, earnest money is usually given, this is what secures your place as the buyer. This amount will be applied to your closing costs. If the sellers accept your offer then closing will begin. Closing is usually held 30 - 60 days from the offer date.Step Six - Negotiating the Deal Receiving a counter offer after the initial offer is submitted is not unusual. We won't let it discourage you. Together we will talk about this new offer and decide if you want to take the offer, give your own counter offer or just deny it and go on to the next house. The Market will play a role as to how aggressively we negotiate this new deal. Because emotions do play a large role in choosing a property, we won't let you go beyond your limits. By setting a limit at the beginning, you won't be left with any remorse.Step Seven Getting the Loan During closing we will be working with your mortgage company to get the loan closed. We will gather all the information necessary so that the lender can close the loan.Step Eight - Closing the Deal You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. This estimate is based on the loan officer's past experiences and may not include all the closing costs. We will go through everything with you to make sure it is all right.Step Nine - Moving into the Home of Your Dreams You're moving in, this is the day you've been waiting for since you started looking for a home. We will give you advice to make this as pleasurable as possible. |
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