Buying or selling a home?
With a little planning ahead of time, buying a home isn't that complex, but the event is intimidating for a lot of people.
I like to supply buyers with an outline of the entire deal so they know exactly what to expect.
Here are my nine steps to buying a home.
Should you have questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy
There are many things you should take into account prior to starting your home search.
When you start your search, you'll want to assemble a checklist of features you want to have, get a feel for what school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Connect with a real estate agent in Davenport
That's where I can help.
I'd love to book a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Davenport area.
In addition, I'll assist you with getting started on your loan.
I partner with some of Davenport's finest mortgage professionals, so you'll be in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After our initial meeting, I'll start searching for houses on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and reject the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we tour homes, I'll identify positive features, as well as negative ones. I'll also ask you what things you like and dislike.
For the most part, buyers change their must-have list as we view homes and some features become far more crucial than others.
If that's the situation, I'll search the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
An agent's understanding of the Davenport housing market is a crucial aspect in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can let you know which areas are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
As we tour houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions. Any REALTOR will convince you they know the housing market.
If it appears they don't know everything, call me at 4073631031 or e-mail me at , and I'd be glad to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in Davenport, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is often applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the first offer – it's very common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a big part 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 put together a contract that is best for you.
Step 7 – Get your loan
Upon signing the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it shouldn't take long at all, but you'll want to keep 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
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at 4073631031 or e-mail me at .