Buying a home in Medway
For most people, buying a home can be an intimidating event. However, with some planning ahead of time, it isn't all that hard.
I like to give buyers an outline of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Get ready to purchase
Prior to starting your home search, there are a lot of things you need to consider.
You'll probably want to make a checklist of features you need to have, get a plan of what school districts you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule to follow.
Step 2 – Get in touch 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 upcoming plans.
We'll talk about everything from neighborhoods, schools in the Medway area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Medway, and I work with a lot of them, so you're in great hands.
They'll assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After our first meeting, I'll begin looking for houses on the market that are good for you.
I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to tour the homes when it's most convenient for you.
When we tour the houses, I'll point out good features and negative ones. And I'll ask you to talk about things you like and don't like.
Generally, buyers amend their list of must-haves as we tour houses and some things become far more necessary than others.
If that's the situation, I'll go back through the listings again and trim it down to the house you've been dreaming about.
Step 4 – Know the market
My awareness of the Medway market is a leading component in your home search. I'm mindful of all the schools and neighborhoods, and I will alert you to which neighborhoods are "hot" and warrant immediate action and some that are "cool" and allow for more consideration.
As we view houses, I'll let you know when the seller's asking price has room for negotiation and also when I know the house is "priced to sell."
Any real estate agent will tell you they know the home market, but keep an eye out, and be sure to ask your agent a lot of questions.
If things don't add up, call me at (508) 533-6100 or e-mail me at , and I'll be more than happy to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find your dream home in Medway, and when we do, I'll meticulously create your purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
Upon presenting your offer, you'll likely need to present "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property and is often put towards the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Get financing
Once the deal is finalized, you'll start working with your lender to close the loan.
If you're pre-approved, this won't take much time at all. However, you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then it's time to close on your home. This should happen at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (508) 533-6100 or e-mail me at .