With some planning ahead of time, buying a home isn't too hard, but the event can be stressful for a lot of people. I like to provide buyers with an overview of the whole deal so they understand exactly what they can expect. Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are many things you'll want to contemplate before commencing your home search. When you begin your search, you'll probably want to create an index of features you need to have, get an idea of what school districts you want to live in, and begin planning your budget. Keeping your mortgage payment around 30 percent of your monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent in Issaquah
This is where Realty Executives Evergreen can help. We'll schedule 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 discuss neighborhoods, school districts in the Issaquah area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
In addition, I'll help you start the loan process. There are some excellent mortgage professionals in Issaquah, and I partner with a lot of them, so you're in great hands. They can assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll start searching for houses on the market that are good for you. I'll get a sneak peek of many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you about things you like and dislike. Oftentimes, buyers update their wish list as we view houses and some features become far more necessary than others. If that happens, I'll go back through all the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
My awareness of the Issaquah housing market is a necessary benefit in your home search. I'm conscious of all the school districts and neighborhoods, and I will communicate certain neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for more examination.
As we view houses, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions. Any REALTOR® in Issaquah will convince you they truly know the home market. If things don't add up, just call me at (206) 686-1818 or e-mail me at cc@ccarver.com, and I'd be happy to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in Issaquah. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property and is most often applied to the closing costs. If the offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your budget. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Obtain a loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan. This shouldn't take very long at all if you've been pre-qualified, but you'll want to stay in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your loan application. The estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely occur at a title company or escrow office and will likely be a smooth and comfortable occurrence.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at (206) 686-1818 or send me an e-mail.
