Buying a home in Somerset?
For most people, buying a home can be an intimidating event. However, with a bit of planning ahead of time, it isn't too hard. So you'll know exactly what to expect, I like to supply my buyers with a road map of the entire deal. Here are my nine steps to purchasing a home. |
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When you're ready to get started, simply contact me here or send e-mail to Homes@carolbrannakarealtors.net. I'm happy to address questions you have about this information. | ||
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Step 1 – Prepare to buy
Before you begin your home search, there are many things you need to contemplate.
When you start your search, you'll probably want to form a list of must-have features, plan for what school districts and neighborhoods you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
This is where I come in.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Somerset area, the mortgage and housing industries, and any additional economic factors that might affect your purchase today or in the future.
I can also assist you with getting started on your loan.
CAROL BRANNAKA REALTORS works with some of Somerset's finest mortgage professionals, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After we meet, I'll begin finding homes on the market that are good for you.
I'll research most of the homes and eliminate the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we view the homes, I'll call attention to positive features and bad ones. And I'll ask you to tell us about things you like and dislike.
It's widely common for buyers to change their list of must-haves as we view houses and some things become more crucial than others.
If that happens, I'll go back through the listings again and trim it down to the house you've been dreaming about.
Step 4 – Understand the housing market
My knowledge of the Somerset home market is an indispensable asset in your home search. I'm familiar with all the schools and neighborhoods, and I can communicate some areas are "hot" and demand immediate action and some that are "cool" and allow for more analysis.
When we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be careful and make sure you ask your agent plenty of questions, as any REALTOR® will convince you they truly understand the housing market.
If things don't add up, contact me at 5086796888 or e-mail me at Homes@carolbrannakarealtors.net, and I'd be happy to answer your questions. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the home of your dreams in Somerset, and when we do, I'll meticulously create your purchase offer. The offer will be made keeping 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.
When we submit your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is typically applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Get a loan
Once the deal is signed, you'll start working with your lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all. However, you should to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will probably take place at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 5086796888 or send me an e-mail.