Buying your new home in Medway with Betty McCall-Vernaglia
For most people, buying a home is a stressful event. However, with some planning ahead of time, it's not very confusing.
So they'll understand exactly what to expect, I will give buyers a road map of the whole deal.
Below are my nine steps to buying a home.
If you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are plenty of things you should contemplate prior to commencing your home search.
You'll most likely want to put together a list of must-haves, plan for what school districts and neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent in Medway
This is where I can help.
I'd be happy to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Medway area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some great mortgage professionals in Medway, and I partner with a lot of them, so you'll be in great hands.
They'll assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start your search
After we meet for the first time, I'll begin finding homes on the market that are a great fit for you.
I'll research many of the houses and remove the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
When we tour homes, I'll call attention to positive features and negative ones. And I'll ask you to point out what things you like and dislike.
Frequently, buyers update their list of must-haves as we view houses and some items become more necessary than others.
If that happens, I'll search all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My awareness of the Medway market is a necessary agent in your home search. I am informed of all the neighborhoods and school districts, and I will communicate which neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for cautiousness.
When we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as every REALTOR in Medway will convince you they comprehend the market.
If it doesn't seem like they know everything, just call me at (508) 533-6100 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in the Medway area, and when we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property. The amount is most often put towards the cost of closing. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get your loan
After the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it won't take very long at all. However, you'll want to stay in close contact with your mortgage lender.
And I'll look after 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) of closing costs from your mortgage lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a precise range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and should be a smooth and relaxing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just call me at (508) 533-6100 or e-mail me at .