Purchasing a home is an intimidating event for a lot of people, but with some planning ahead of time, it's not all that complex.
So you know exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to beth@bethsatow.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to purchase
Before you start your home search, there are many things you should do.
When you begin your search, you'll probably want to assemble a checklist of features you need to have, get a feel for what school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent
This is where Coldwell Banker Plourde Real Estate can help.
I'd be more than happy to plan a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Waterville area.
In addition, I'll help you begin the loan process.
Coldwell Banker Plourde Real Estate partners with some of the finest mortgage professionals in Waterville, so you'll be in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll start finding houses on the market that best suit you.
I'll research most of the houses and ignore the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view homes, I'll show you the good features, as well as bad ones. And I'll ask you what things you like and dislike.
Generally, buyers revise their wish list as we view houses and some items become far more important than others.
If that's the situation, I'll go back through the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the housing market
My understanding of the Waterville housing market is an essential advantage in your home search. I'm mindful of all the neighborhoods and school districts, and I can let you know certain neighborhoods are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
As we tour houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell."
Be careful and be sure to ask plenty of questions, as any real estate agent will claim to understand the housing market.
If it seems like they don't know everything, just call me at 207-660-4020 or e-mail me at beth@bethsatow.com, and I'll be happy to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
We'll find your dream home in Waterville, and when we do, I'll precisely develop your real estate purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property, and it's often applied to the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer. It's extremely common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Obtain financing
After we sign the final contract, you'll begin working with your lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all. However, you need to stay 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 mortgage lender will send you a Good Faith Estimate (GFE) of closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then it's time to close on your house. This will likely occur at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 207-660-4020 or send me an e-mail.
