Are you contemplating buying your new home in Bronx?
Purchasing a home is intimidating for many people. However, with a little planning ahead of time, it isn't that complicated.
I like to provide buyers with an overview of the whole deal so they'll know exactly what to expect.
Below are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have about this information.
Step 1 – Prepare to buy a home
Before you begin searching for a home, there are a lot of things you'll want to take into account.
When you start your search, you'll want to assemble a checklist of features you need to have, get an idea of what school districts you'd like to live in, and begin planning 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 – Contact a real estate agent
This is where Go! Real Estate, Inc. comes in.
We can arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Bronx area.
I'll also help you get started on your loan.
Go! Real Estate, Inc. partners with some of Bronx's best mortgage professionals, so you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After we meet, I'll begin looking for homes on the market that are a good fit for you.
I'll research most of the homes and reject the duds, and then we'll set up appointments to view the homes when it's convenient for you.
When we view houses, I'll identify good features and negative ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we tour houses and some items become far more necessary than others.
If such is the case, I'll go back through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the market
Your agent's understanding of the Bronx home market is a crucial factor in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I can alert you to some neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful analysis.
As we tour 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."
Any real estate agent in Bronx will convince you they understand the home market, but beware, and make sure you ask plenty of questions.
If things don't add up, call me at 1-718-863-8778 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in Bronx, and when we do, I'll carefully create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as getting financing, carrying out the home inspection, and a clear title.
Upon sending in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is typically put towards the cost of closing. If the seller accepts the offer, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer – it's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines 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 is best for you.
Step 7 – Get financing
Upon completing the contract, you'll begin working with your lender to close the loan.
It shouldn't take very long at all if you're pre-approved, but you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your application.
The estimate is based on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely occur at a title company or escrow office and should be a smooth and calm event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 1-718-863-8778 or e-mail me at .