Purchasing a home is intimidating for a lot of people, but with some planning ahead of time, it isn't that difficult. I like to provide buyers with an outline of the entire deal so they know exactly what they can expect. Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to ghummer@hctc.net. I'm happy to answer questions you have about this information. |
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Step 1 – Get ready to purchase a home
Before you start looking for a home, there are plenty of things you'll want to take into account. When you start your search, you'll want to make an outline of must-haves, get a plan of what school districts you want to live in, and start planning around your budget. A good rule of thumb to adhere to is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where Nicholas Gombos Real Estate can help. We can schedule 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 the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and schools in the Fredericksburg area.
I can also assist you with getting started on your loan. There are some very good mortgage professionals in Fredericksburg, and I partner with a lot of them, so you'll be in great hands. They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet, I'll start finding houses on the market that best suit you. I'll research most of the homes and ignore the bad ones, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we view the houses, I'll point out good features and negative ones. And I'll ask you to tell us about things you like and dislike. It's common for buyers to amend their must-have list as we view homes and some items become more substantial than others. If that happens, I'll search all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My knowledge of the Fredericksburg housing market is a necessary benefit in your search. I am acquainted with all the school districts and neighborhoods, and I will alert you to some areas are "hot" and demand immediate action and others that are "cold" and allow for more analysis.
When we tour homes, I'll be sure to tell you when the asking price has room for negotiation and also when I know the house is "priced to sell." Every real estate agent in Fredericksburg will claim to truly understand the market, but be careful, and be sure to ask your agent lots of questions. If things don't add up, contact me at 830-669-2188 or e-mail me at ghummer@hctc.net, and I'll be happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm certain we'll find the house of your dreams in Fredericksburg. When that happens, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When sending in your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is typically put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's widely common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain your loan
After the deal is signed, you'll start working with your mortgage lender to close the loan. This won't be a long process at all if you've been pre-approved, but you'll need to keep in close contact with your lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application. The estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will probably happen at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 830-669-2188 or send me an e-mail.
