Are you contemplating purchasing your home in Bronx?
Buying a home can be stressful for many people. However, with a bit of planning ahead of time, it isn't that hard.
I like to supply buyers with an overview of the entire deal so they understand exactly what they can expect.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to do prior to commencing your home search.
It's likely that you'll want to make an outline of items you need, get an idea of what school districts and 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 go by.
Step 2 – Communicate with a real estate agent
That's where I come in.
I'd love to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Bronx area.
In addition, I'll help you begin the loan process.
Go! Real Estate, Inc. works with some of the finest mortgage professionals in Bronx, so you can rest assured that you're in great hands.
They can assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking
After we meet, I'll begin finding homes on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
It's common for buyers to update their wish list as we view houses and some items become more important than others.
If that's the situation, I'll search all the listings one more time and trim it down to the home of your dreams.
Step 4 – Comprehend the market
My awareness of the Bronx housing market is a fundamental agent in your home search. I am conscious of all the neighborhoods and schools, and I will communicate certain districts are "hot" and require immediate action and others that are "cool" and allow for careful examination.
When we view homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and be sure to ask your agent lots of questions, as any real estate agent will claim to understand the home market.
If it appears they don't know everything, contact me at 1-718-863-8778 or e-mail me at , and I'd be glad to answer your questions. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the house of your dreams in Bronx, and when that happens, I'll meticulously create your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as obtaining financing, completing the inspection, and a clean title.
When we send in your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take long at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of receiving your application.
The estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a close range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will probably be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 1-718-863-8778 or e-mail me at .