Purchasing a new home in Huntsville?
Buying a home is stressful for many people, but it isn't too complicated with some up-front planning. So you understand exactly what to expect, I like to give my buyers an outline of the entire deal. These are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are many things you should consider before you search for a home. When you start your search, you'll probably want to create a checklist of features you need, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget. A good guideline to adhere to is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
That's where I come in. I can book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Huntsville area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I can also help you facilitate the loan process. I partner with some of the best mortgage professionals in Huntsville, so you can rest assured that you're in great hands. They can assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll start finding available houses on the market that are good for you. I'll get a sneak peek of many of the houses and remove the bad ones, and then we'll set up appointments to tour the homes whenever it's convenient for you.
As we view houses, I'll point out positive features, as well as negative ones. And I'll ask you about things you like and dislike. It's widely common for buyers to change their wish list as we tour houses and some items become far more necessary than others. If that's the situation, I'll look through the listings once more and trim it down to the house of your dreams.
Step 4 – Know the housing market
Your agent's understanding of the Huntsville market is an imperative aspect in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I will alert you to what districts are "hot" and demand prompt action and the ones that are "cold" and allow for thoughtful examination.
When we tour homes, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR® will tell you they truly know the home market. If things don't add up, contact me at (256) 656-4741 or e-mail me at Landa@myhuntsvillehomes.com, and I'll be happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in Huntsville. When we do, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
When sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the beginning offer, and 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, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your budget. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Obtain financing
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, it won't be a long process at all. But you'll need to keep in close contact with your lender. And I'll care for all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This should take place at a title company or escrow office and should be a smooth and stress-free occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, simply call me at (256) 656-4741 or send me an e-mail.