Contemplating buying a home in Medway?
Buying a home is an intimidating event for most people, but it's not too hard with a bit of up-front planning.
So they'll know exactly what they can expect, I like to give buyers an overview of the whole deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address questions you have about this information.
Step 1 – Get ready to purchase a home
Before you begin your home search, there are several things you should do.
It's likely that you'll want to put together an index of items you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent
This is where I can help.
We'll arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Medway area.
In addition, I'll assist you with getting started on your loan.
I work with some of Medway's best mortgage professionals, so you'll be in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin your home search
Following our initial meeting, I'll begin looking for available homes on the market that meet your needs.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
When we tour the homes, I'll point out good features and negative ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to change their wish list as we view homes and some features become more necessary than others.
If such is the case, I'll search the listings once again and trim it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
My awareness of the Medway market is an essential factor in your house search. I am conscious of all the schools and neighborhoods, and I will communicate some neighborhoods are "hot" and require immediate action and others that are "cool" and allow for thoughtful examination.
As we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as every real estate agent in Medway will convince you they comprehend the housing market.
If things don't add up, call me at (508) 533-6100 or e-mail me at , and I'll be glad to answer your questions. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I'm certain we'll find your dream house in the Medway area. When we do, I'll precisely develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as getting financing, finishing the home inspection, and a clean title.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's usually applied to the cost of closing. If the seller accepts your offer, 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 aren't closed on the initial offer. It's very common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Get a loan
Upon completion of the contract, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you'll need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) of closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This should occur at a title company or escrow office and will most often be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at (508) 533-6100 or e-mail me at .