Purchasing your home in Medway
Buying a home is stressful for many people, but it isn't that complex with a bit of planning ahead of time.
I like to supply buyers with an overview of the whole deal so they understand exactly what to expect.
These are my nine steps to buying a home.
Should you have any questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
Before you begin looking for a home, there are many things you need to consider.
When you start your search, you'll want to put together a checklist of must-haves, get a feel for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good guideline to adhere to is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent in Medway
This is where I come in.
We'll book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Medway area.
I'll also assist you with getting started on your loan.
Betty McCall-Vernaglia partners with some of Medway's finest mortgage professionals, so you'll be in great hands.
They will assist you with determining which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll start finding houses on the market that are great for you.
I'll preview many of the homes and exclude the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view the houses, I'll call attention to good features and bad ones. I'll even ask you what things you like and dislike.
Frequently, buyers update their must-have list as we view houses and some things become more crucial than others.
If that's the case, I'll go back through the listings once more and narrow it down to the house you've been wishing for.
Step 4 – Know the market
An agent's awareness of the Medway housing market is a fundamental aspect in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I can let you know some districts are "hot" and warrant prompt action and some that are "cool" and allow for careful analysis.
When we view houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Any real estate agent in Medway will tell you they know the market.
If it seems like they don't 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 might have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find your dream house in Medway, and when that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's typically put towards the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer. It's very common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain a loan
After the contract is complete, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you're already pre-qualified, but you should to keep in close contact with your lender.
And I'll deal with 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 mortgage lender within three days of getting your application.
This estimate depends 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 review the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just call me at (508) 533-6100 or e-mail me at .