Looking to purchase a home in Medway? Betty McCall-Vernaglia can help.
Buying a home is a stressful event for many people, but it isn't very complicated with a little planning ahead of time.
So they know exactly what to expect, I like to provide buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Prepare to purchase
Before you commence your home search, there are several things you need to do.
When you start your search, you'll want to assemble a check list of features you need to have, plan for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Get in touch with a real estate agent in Medway
That's where I come in.
We can plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Medway area.
In addition, I'll help you begin the loan process.
Betty McCall-Vernaglia works with some of Medway's finest mortgage professionals, so you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, I'll begin searching for houses on the market that best suit you.
I'll preview most of the homes and eliminate the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we view houses, I'll point out good features and bad ones. I'll also ask you to talk about things you like and dislike.
For the most part, buyers change their must-have list as we view houses and some items become far more important than others.
If that happens, I'll look through the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's awareness of the Medway market is a crucial element in your home search. And I can assure you I'm familiar with all the school districts and neighborhoods, and I can communicate some neighborhoods are "hot" and require immediate action and others that are "cold" and allow for thoughtful consideration.
As we view homes, I'll make sure to communicate when the asking price has room for bargaining and when I believe the home is "priced to sell."
Be careful and make sure you ask a lot of questions, as any real estate agent will tell you they truly understand the market.
If things don't add up, contact me at (508) 533-6100 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find your dream house
I'm sure we'll find the house of your dreams in Medway. When we do, I'll meticulously create your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as getting financing, completing the inspection, and a clear title.
Upon submitting your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property and is often applied to the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or decline 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 compose a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't take very long at all, but you should to stay in close contact with your lender.
And I'll sort out 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) outlining closing costs from your lender within three days of receiving your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will likely take place at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (508) 533-6100 or e-mail me at .