Are you purchasing a new home in Fort Wayne?
Purchasing a home is a stressful event for a lot of people, but it isn't that confusing with a bit of planning ahead of time. I like to supply buyers with an outline of the entire deal so they'll know exactly what to expect. Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Before you start your home search, there are a lot of things you'll want to contemplate. When you start your search, you'll probably want to form an index of items you want, plan for what neighborhoods and school districts you'd like to live in, and start planning your budget. Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent
This is where I can help. I'd love to arrange a time to meet with you and talk about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Fort Wayne area, the mortgage industry, and any additional economic factors that may potentially affect your purchase today or in the future.
I'll also help you get started on your loan. There are some great mortgage professionals in Fort Wayne, and I partner with a lot of them, so you're in great hands. They will assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After our first meeting, I'll begin finding available houses on the market that best suit you. I'll preview most of the houses and throw out the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
When we tour homes, I'll show you the good features, as well as bad ones. I'll also ask you what things you like and dislike. As a rule, buyers change their list of must-haves as we tour houses and some things become far more substantial than others. If that's the situation, I'll go back through the listings again and trim it down to the home of your dreams.
Step 4 – Understand the market
My understanding of the Fort Wayne market is a valuable advantage in your home search. I am familiar with all the school districts and neighborhoods, and I'll communicate which districts are "hot" and require prompt action and the ones that are "cold" and allow for careful consideration.
As we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions. Any REALTOR® in Fort Wayne will convince you they know the market. If things don't add up, contact me at 2604664999 or e-mail me at firstname.lastname@example.org, and I'll be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find your dream home in the Fort Wayne area. When that happens, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
Upon turning in your offer, most likely you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property, and it's often put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer – it's really common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Secure your loan
Upon completing the deal, you'll begin working with your lender to close the loan. It shouldn't be a long process at all if you've been pre-qualified, but you need to keep in close contact with your mortgage lender. And I'll manage 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) detailing closing costs from your lender within three days of accepting your application. This estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and peaceful affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at 2604664999 or send me an e-mail.