Buying or selling a home? Split Rock Real Estate can help.
Buying a home intimidates many people. However, with a little planning ahead of time, it's not all that difficult. I like to provide buyers with a road map of the entire deal so they understand exactly what to expect. Here are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are many things you should contemplate prior to beginning your home search. You'll most likely want to form an index of features you want, plan for what school districts you want to live in, and start planning around your budget. Ensuring your mortgage payment is around 30 percent of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent
This is where Split Rock Real Estate can help. I can book 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 everything from neighborhoods, school districts in the Saratoga Springs area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you begin the loan process. I partner with some of the finest mortgage professionals in Saratoga Springs, so you're in great hands. They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
Following our initial meeting, I'll begin finding homes on the market that best suit you. I'll research many of the homes and reject the duds, and then we'll book appointments to view the homes whenever it's convenient for you.
When we view homes, I'll identify good features, as well as negative ones. And I'll ask you what things you like and don't like. Usually, buyers change their wish list as we tour houses and some items become more important than others. If that's the case, I'll go back through all the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My understanding of the Saratoga Springs market is an indispensable asset in your house search. I'm mindful of all the school districts and neighborhoods, and I can let you know which districts are "hot" and demand prompt action and the ones that are "cool" and allow for cautiousness.
When we tour houses, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions, as any real estate agent in Saratoga Springs will convince you they comprehend the housing market. If things don't add up, just call me at (518) 587-8877 or e-mail me at Vsnyder@kbkofficeservices.com, and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm positive we'll find the house of your dreams in Saratoga Springs. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we present your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property and is usually applied to the closing costs. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Secure a loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. This shouldn't take long at all if you're already pre-qualified, but you'll want to stay in close contact with your mortgage lender. And I'll take care of all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your loan application. This estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and comfortable affair.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at (518) 587-8877 or send me an e-mail.