The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but the first step to buying a home is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that meets your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net (after tax) monthly income. Any more than this and you may have trouble making your mortgage payments.

Step 2 - Seek Professional Help

I'd be happy to schedule time to meet with you to hear the reasons you want to buy a house and your future plans. We'll discuss neighborhoods, schools, specific needs of your next home as well as how you would like this house to grow with you.

At the same time, I can also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his/her opinion that you will be approved for a mortgage loan up to a certain amount. That you are pre-qualified helps greatly when we are ready to negotiating a deal.

Step 3 - Begin the Search for Your Next Home

After our initial meeting, I'll search all my resources for homes on the market that fit your criteria and I'll schedule appointments to tour the homes at a time convenient to you.

As we tour different properties, I'll point out both positive and negative features. You will need to give me feedback and tell me what you like and what you don't like. You'll probably amend your "wish list" as some things will become more important and others less important. With this updated information, I'll change your search parameters to narrow in on the home of your dreams.

Step 4 - Know the Market

My knowledge of the current local market is essential in your home search. I'll let you know when the market in a particular area is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour homes, I'll let you know when the asking price has bargaining room and when the house is "priced to sell."

In a "seller's market," there may be multiple offers on a property, full-price offers or even offers above asking price. On the flip side, during a "buyer's market," more properties for sale than buyers looking to purchase. This gives the buyer more negotiating room as homes take longer to sell.

Step 5 - Find Your Dream Home

I'm confident we'll find your dream home. When we do, I'll put together the purchase offer with your needs in mind including appropriate contingencies (such as obtaining financing, favorable home inspection, closing date, etc.)

An offer is presented with "earnest money deposit." This is a cash/check to secure an offer to buy the property. The amount is applied to the sale price. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date.

Step 6 - Negotiate the Deal

It is common to receive a counter offer when the initial offer to purchase is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to secure and close the loan. Since you pre-qualified for the loan prior to starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender needs to close the loan.

Step 8 - Close the Deal

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

Step 9 - Move In

Congratulations! It's time to move into your new home. Enjoy this exciting time!

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