Purchasing a home can be stressful for many people, but with a bit of planning ahead of time, it's not too confusing.
So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal.
These 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 gabriel@gorealestateinc.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are many things you should do before you search for a home.
You'll most likely want to make a check list of features you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in Bronx
This is where I can help.
We can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Bronx area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Bronx, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our initial meeting, I'll start searching for houses on the market that meet your needs.
I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
As we view houses, I'll call attention to positive features, as well as bad ones. I'll even ask you what things you like and dislike.
It's common for buyers to revise their must-have list as we view houses and some items become more necessary than others.
If that's the situation, I'll search all the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My knowledge of the Bronx home market is a valuable resource in your house search. I am acquainted with all the neighborhoods and schools, and I can alert you to some districts are "hot" and demand immediate action and others that are "cool" and allow for more consideration.
As we tour homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Be mindful and be sure to ask a lot of questions, as any REALTOR® will convince you they truly know the housing market.
If it appears they don't know everything, contact me at 1-718-863-8778 or e-mail me at gabriel@gorealestateinc.com, and I'll be happy to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find the home of your dreams in Bronx, and when that happens, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's usually put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Get your loan
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you've been pre-approved, this shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at 1-718-863-8778 or send me an e-mail.