Buying a home is an intimidating event for many people, but with some up-front planning, it's not that hard.
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 buying a home.
Step 1 – Get ready to buy a home
There are several things you should take into account before you start looking for a home.
When you start your search, you'll want to put together a checklist of items you need, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent in Hauppauge
That's where I can help.
I'd love to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Hauppauge area.
I'll also help you get started on your loan.
I partner with some of Hauppauge's finest mortgage professionals, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our initial meeting, I'll start searching for available houses on the market that are good for you.
I'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we tour homes, I'll identify good features, as well as negative ones. I'll also ask you about things you like and dislike.
It's widely common for buyers to change their must-have list as we tour homes and some items become far more substantial than others.
If that's the case, I'll go back through the listings one more time and trim it down to the home you've been dreaming about.
Step 4 – Understand the market
My understanding of the Hauppauge home market is an indispensable asset in your home search. I am informed of all the schools and neighborhoods, and I'll communicate some areas are "hot" and demand prompt action and the ones that are "cold" and allow for more examination.
As we view homes, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent in Hauppauge will convince you they comprehend the housing market, but be careful, and be sure to ask plenty of questions.
If it doesn't seem like they know everything, contact me at 631-630-2207 or e-mail me at brian@PropertiesOnLongIsland.net, and I'll be happy to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find your dream house in Hauppauge, and when that happens, I'll thoroughly create your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your offer, most likely you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's very common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Get your loan
Upon finishing the deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all. But you'll need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your house. This should take place at a title company or escrow office and should be a smooth and relaxed affair.
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, simply call me at 631-630-2207 or send me an e-mail.
