Buying a home is an intimidating event for a lot of people, but with a little up-front planning, it isn't very complex.
So you understand exactly what to expect, I like to give my buyers an outline of the entire deal.
Here are my nine steps to buying a home.
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Should you have questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at loudinr@gmail.com.
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Step 1 – Prepare to buy
Before you start looking for a home, there are plenty of things you should contemplate.
You'll most likely want to make a checklist of features you want to have, get a feel for what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Talk to a real estate agent in Boulder City
This is where I can help.
I'd love to schedule a time to get together with you and communicate with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Boulder City area.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Boulder City, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin searching for available houses on the market that best suit you.
I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour homes, I'll point out positive features and negative ones. And I'll ask you to tell us about things you like and don't like.
Usually, buyers change their must-have list as we view homes and some items become far more essential than others.
If that happens, I'll go back through the listings again and trim it down to the house you've been waiting for.
Step 4 – Get a feel for the market
My knowledge of the Boulder City home market is an essential benefit in your house search. I'm familiar with all the neighborhoods and school districts, and I'll alert you to which neighborhoods are "hot" and warrant immediate action and others that are "cool" and allow for careful examination.
When we view homes, I'll be sure to tell you when the seller's list price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions, as any real estate agent in Boulder City will tell you they truly know the housing market.
If things don't add up, contact me at (702) 293-2171 or e-mail me at loudinr@gmail.com, and I'd be glad to answer your questions. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream house in the Boulder City area, and when we do, I'll meticulously develop your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's typically applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows enough 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. But don't let it discourage you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Secure your loan
After the deal is complete, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you're pre-qualified, but you need to keep in close contact with your lender.
And I'll sort out all the property information your mortgage 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 receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements require 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 all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and stress-free occasion.
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, just call me at (702) 293-2171 or send me an e-mail.
