For many people, buying a home can be a stressful event. But with some planning ahead of time, it isn't that difficult.
I like to give buyers an outline of the entire deal so they know exactly what to expect.
Here are my nine steps to buying a home.
Step 1 – Get ready to buy
There are a lot of things you should take into account before you look for a home.
You'll want to create a list of items you need to have, get a feeling for what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Get in touch with a real estate agent
This is where Southern Advantage Real Estate, Llc can help.
I'd like to book a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, schools in the Birmingham area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Birmingham, 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 qualified.
Step 3 – Start looking
After our first meeting, I'll start looking for available houses on the market that are great for you.
I'll research many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
When we tour houses, I'll call attention to positive features and negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to update their list of must-haves as we tour houses and some features become far more substantial than others.
If such is the case, I'll go back through all the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Know the housing market
My awareness of the Birmingham housing market is an indispensable benefit in your house search. I'm conscious of all the schools and neighborhoods, and I can let you know which areas are "hot" and demand immediate action and some that are "cool" and allow for careful consideration.
When we tour houses, I'll let you know when the asking price has room for negotiation and when I think the house is "priced to sell."
Trust your instincts and make sure you ask plenty of questions, as any REALTOR® in Birmingham will convince you they know the market.
If things don't add up, contact me at 205-444-5064 or e-mail me at andy.hawkins@southernadvantagerealestate.com, and I'll be happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in Birmingham. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
When we submit your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is usually put towards the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. Don't let it intimidate 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 move on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Secure your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all, but you should to keep in close contact with your mortgage lender.
And I'll deal with 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) of closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a narrow range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most likely happen at a title company or escrow office and is often a smooth and easygoing affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 205-444-5064 or send me an e-mail.
