Buying your home in Medway with Betty McCall-Vernaglia
With some up-front planning, purchasing a home isn't that complicated, but the event is intimidating for a lot of people.
I like to provide buyers with a road map of the whole deal so they'll know exactly what to expect.
Below 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 answer questions you have about this information.
Step 1 – Prepare to buy
Before you begin searching for a home, there are many things you need to take into account.
You'll most likely want to form an outline of items you want to have, get a plan of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
A good principle to adhere to is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Connect with a real estate agent in Medway
This is where Betty McCall-Vernaglia comes in.
We can plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Medway area.
I can also assist you in getting started on your loan.
Betty McCall-Vernaglia works with some of the finest mortgage professionals in Medway, so you'll be in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
Following our initial meeting, I'll start finding homes on the market that are good for you.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
As we tour homes, I'll call attention to positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to revise their list of must-haves as we view houses and some items become more substantial than others.
If that happens, I'll search the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My knowledge of the Medway market is an imperative factor in your house search. I'm mindful of all the schools and neighborhoods, and I'll alert you to certain areas are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Every real estate agent in Medway will tell you they understand the housing market.
If it doesn't seem like they know everything, call me at (508) 533-6100 or e-mail me at , and I'd be more than happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find your dream house
I'm positive we'll find the home of your dreams in Medway. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we turn in your offer, you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property, and it's most often put towards the closing costs. If your offer is accepted, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer. It's really common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get financing
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take long at all. But you'll need to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most often take place at a title company or escrow office and should be a smooth and relaxing occasion.
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 .