With some up-front planning, purchasing a home isn't too difficult, but the event intimidates a lot of people. I like to give buyers a road map of the entire deal so they understand exactly what they can expect. Below are my nine steps to buying a home.
 |
 |
 |
When you're ready to get started, you can contact me here or send e-mail to tim@timthompsonrealtor.com. I'm happy to answer questions you have regarding this information. |
|
|
|
|
Step 1 – Get ready to purchase
Before you begin searching for a home, there are plenty of things you'll want to take into account. You'll most likely want to put together an outline of features you want to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget. A good guideline to adhere to is that your mortgage payment should be a third of your monthly income.
Step 2 – Speak with a real estate agent in Roanoke
This is where MKB Realtors comes in. I'd be more than happy to set up a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans. We'll discuss everything from neighborhoods, school districts in the Roanoke area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan. MKB Realtors partners with some of the finest mortgage professionals in Roanoke, so you'll be in great hands. They will assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After our initial meeting, I'll start finding available houses on the market that are great for you. I'll preview many of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
As we view the houses, I'll call attention to good features and bad ones. I'll also ask you about things you like and dislike. Most often, buyers update their must-have list as we tour houses and some features become more essential than others. If that's the situation, I'll go back through the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Roanoke market is a fundamental factor in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I'll alert you to what neighborhoods are "hot" and demand prompt action and others that are "cold" and allow for thoughtful analysis.
As we view houses, I'll make sure to communicate when the list price has room for bargaining and when I trust the home is "priced to sell." When working with an agent, trust your instincts and make sure you ask plenty of questions. Any REALTOR® in Roanoke will tell you they truly understand the home market. If it doesn't seem like they know everything, call me at (540) 989-4555 or e-mail me at tim@timthompsonrealtor.com, and I'd be more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream home
I'm confident we'll find the house of your dreams in Roanoke. When we do, I'll precisely develop your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. 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 it alarm you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. We'll also work within your budget. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain your loan
Upon signing the contract, you'll start working with your mortgage lender to close the loan. If you're pre-qualified, it won't take long at all. However, you'll need to stay in close contact with your lender. And I'll look after 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 lender within three days of getting your application. The estimate is based on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will likely take place at a title company or escrow office and should be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you contact me at (540) 989-4555 or send me an e-mail.
