Buying your new home in Davenport
For most people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not that difficult.
I like to supply buyers with a road map of the entire deal so they know exactly what to expect.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.
Step 1 – Get ready to buy a home
There are many things you should do before starting your home search.
You'll probably want to make a checklist of features you need, get an idea of what school districts and neighborhoods you'd like to live in, and begin working on your budget.
A good principle to adhere to is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Davenport
This is where I come in.
I'd love to set up a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Davenport area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in Davenport, and I work with a lot of them, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our initial meeting, I'll begin searching for homes on the market that meet your needs.
I'll research many of the homes and remove the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
As we view houses, I'll show you the good features, as well as negative ones. And I'll ask you to point out what things you like and don't like.
Oftentimes, buyers revise their wish list as we tour homes and some items become far more substantial than others.
If that's the case, I'll go back through all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Davenport housing market is a necessary component in your home search. I am mindful of all the school districts and neighborhoods, and I'll let you know some districts are "hot" and require immediate action and the ones that are "cold" and allow for more consideration.
As we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Be mindful and make sure you ask your agent plenty of questions, as every REALTOR in Davenport will claim to understand the housing market.
If it appears they don't know everything, contact me at 4073631031 or e-mail me at , and I'd be glad to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find the house of your dreams in Davenport. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we turn in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is often put towards the closing costs. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer, and it's pretty common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
After the contract is complete, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you've been pre-qualified, but you should to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of getting your application.
This estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 4073631031 or e-mail me at .