For many people, buying a home is a stressful event. However, with some up-front planning, it's not all that hard.
So you understand exactly what to expect, I like to give my buyers an outline of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are plenty of things you'll want to contemplate prior to starting your home search.
When you start your search, you'll probably want to form a checklist of features you want to have, plan for what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Get with a real estate agent
That's where I come in.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Floral Park area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some great mortgage professionals in Floral Park, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin looking for homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we tour houses, I'll show you the positive features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
It's widely common for buyers to revise their list of must-haves as we view houses and some things become more essential than others.
If that's the case, I'll search all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My understanding of the Floral Park market is a valuable benefit in your house search. I am informed of all the neighborhoods and schools, and I can let you know what neighborhoods are "hot" and demand prompt action and some that are "cool" and allow for more consideration.
When we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR® in Floral Park will claim to know the housing market, but trust your instincts, and make sure you ask lots of questions.
If it doesn't seem like they know everything, call me at (516) 233-2225 or e-mail me at Mmayo@villagemanorrealty.com, and I'd be more than happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find your dream house in Floral Park, and when that happens, I'll thoroughly create your purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When presenting your offer, you'll likely need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property and is typically applied to the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure a loan
Once we sign the final sales contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take very long at all. However, you'll need to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and will most often be a smooth and comfortable occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at (516) 233-2225 or send me an e-mail.
