Are you purchasing a new home in Bronx?
Purchasing a home is intimidating for most people, but it isn't all that complex with a little up-front planning.
So they'll understand exactly what to expect, I will give buyers an outline of the entire deal.
Below are my nine steps to purchasing a home.
If you have questions about this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are a lot of things you should do prior to commencing your home search.
When you start your search, you'll want to make an outline of must-haves, get an idea of what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule to follow.
Step 2 – Contact a real estate agent in Bronx
This is where Go! Real Estate, Inc. can help.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the Bronx area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some great mortgage professionals in Bronx, and I partner with a lot of them, so you're in great hands.
They will assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll start looking for houses on the market that suit your needs.
I'll get a sneak peek of many of the homes and reject the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we tour houses, I'll point out positive features and negative ones. I'll also ask you to point out what things you like and don't like.
It's common for buyers to change their list of must-haves as we view houses and some features become far more important 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 dreaming about.
Step 4 – Understand the housing market
My understanding of the Bronx market is a crucial element in your house search. I am acquainted with all the school districts and neighborhoods, and I'll let you know what areas are "hot" and warrant prompt action and the ones that are "cool" and allow for cautiousness.
When we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I think the home is "priced to sell."
Be mindful and be sure to ask plenty of questions, as every real estate agent in Bronx will claim to truly understand the home market.
If it doesn't seem like they know everything, just call me at 1-718-863-8778 or e-mail me at , and I'll be glad to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find the home of your dreams in the Bronx area. When that happens, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are obtaining financing, completing the inspection, and a clear title.
Upon submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer – it's widely common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure a loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all. However, you'll want to keep 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 your closing costs from your lender within three days of getting your application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will likely happen 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, make sure you call me at 1-718-863-8778 or e-mail me at .