Contemplating buying your new home in Medway?
With some up-front planning, purchasing a home isn't all that hard, but the event can be stressful for a lot of people.
So they'll know exactly what to expect, I like to supply buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Get ready to buy
There are many things you should do before commencing your home search.
You'll probably want to create an index of features you need to have, get a feeling for what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to adhere to.
Step 2 – Connect with a real estate agent in Medway
This is where Betty McCall-Vernaglia can help.
We'll set up 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 everything from neighborhoods, school districts 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.
In addition, I'll help you get started on your loan.
There are some excellent mortgage professionals in Medway, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 – Start looking
After we meet for the first time, I'll begin searching for available homes on the market that are good for you.
I'll preview most of the homes and remove the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we tour houses, I'll point out positive features and negative ones. And I'll ask you what things you like and don't like.
It's widely common for buyers to amend their must-have list as we view houses and some things become far more important than others.
If such is the case, I'll search all the listings one more time and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My knowledge of the Medway home market is a fundamental factor in your home search. I am conscious of all the neighborhoods and school districts, and I'll alert you to what neighborhoods are "hot" and require prompt action and others that are "cool" and allow for thoughtful analysis.
As we view homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions, as any REALTOR will convince you they truly understand the home market.
If it seems like they don't know everything, contact 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 knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I know we'll find your dream home in Medway. When we do, I'll precisely create your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, completing the home inspection, and a clear title.
Upon sending in your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is most often applied to the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer. It's very common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Get financing
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take long at all. However, you'll want to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your loan application.
The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most often happen at a title company or escrow office and is often a smooth and easygoing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at (508) 533-6100 or e-mail me at .