For most people, purchasing a home can be a stressful event. But with a bit of up-front planning, it's not that difficult.
So you'll understand exactly what to expect, I like to supply my buyers with an outline of the whole deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are many things you need to consider before starting your home search.
When you begin your search, you'll probably want to make an index of must-have features, get an idea of what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or around a third of your monthly income is a good rule of thumb to go by.
Step 2 – Talk to a real estate agent in New Port Richey
That's where I can help.
We'll set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the New Port Richey area.
I can also help you get started on your loan.
There are some excellent mortgage professionals in New Port Richey, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you determine which type 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 available homes on the market that are great for you.
I'll get a sneak peek of most of the houses and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we tour houses, I'll identify good features, as well as negative ones. I'll also ask you about things you like and dislike.
It's pretty common for buyers to change their list of must-haves as we view houses and some things become far more necessary than others.
If such is the case, I'll search the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Understand the market
My awareness of the New Port Richey home market is a necessary asset in your search. I am familiar with all the neighborhoods and school districts, and I can alert you to which districts are "hot" and require prompt action and the ones that are "cool" and allow for careful examination.
When we tour houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
Be mindful and be sure to ask your agent lots of questions, as any REALTOR® will claim to truly know the housing market.
If things don't add up, just call me at (727) 967-1958 or e-mail me at nick@nickcaputorealty.net, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find your dream house in New Port Richey. When we do, I'll thoroughly create your home purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit given to the home 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 within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer – it's extremely common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get financing
After we sign the final deal, you'll start working with your lender to close the loan.
It shouldn't take much time at all if you're pre-qualified, but you'll need to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) of closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a tight 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 house. This will most likely happen at a title company or escrow office and will probably be a smooth and pleasant occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (727) 967-1958 or send me an e-mail.
