For many people, purchasing a home can be an intimidating event. But with a bit of up-front planning, it isn't all that complicated.
I like to supply buyers with an overview of the whole deal so they understand exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are several things you'll want to take into account prior to beginning your home search.
When you start your search, you'll want to make a list of features you want to have, get an idea of what school districts you want to live in, and begin working on your budget.
A good principle to go by is that your mortgage payment should be less than or close to a third of your monthly income.
Step 2 – Speak with a real estate agent in Havre
This is where Northern Land & Realty Co. comes in.
I'd be more than happy to set up a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Havre area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I can also help you get started on your loan.
Northern Land & Realty Co. works with some of Havre's best mortgage professionals, so you're in great hands.
They'll assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking
Following our first meeting, I'll begin finding available homes on the market that are good for you.
I'll preview most of the homes and throw out the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we view the houses, I'll point out positive features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
As a rule, buyers update their must-have list as we tour homes and some items become more crucial than others.
If that's the situation, I'll look through all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Understand the market
Your agent's awareness of the Havre market is an imperative component in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I can alert you to what areas are "hot" and warrant immediate action and others that are "cold" and allow for more consideration.
When we tour homes, I'll let you know when the list price has room for bargaining and when I think the house is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as any REALTOR® will claim to truly understand the home market.
If it seems like they don't know everything, just call me at (406) 265-2253 or e-mail me at northernland@havremt.net, and I'll be glad to answer any questions you have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
I know we'll find your dream home in Havre. When we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When we present your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is typically put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure your loan
Upon completion of the contract, you'll begin working with your lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, make sure you call me at (406) 265-2253 or send me an e-mail.
