Buying a home is intimidating for a lot of people. However, with some up-front planning, it's not very complex. So you know exactly what to expect, I like to give my buyers an overview of the whole deal. Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are many things you need to consider before you start searching for a home. You'll probably want to create an outline of must-haves, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget. A good rule of thumb to adhere to is that your mortgage payment should be around a third of your net monthly income.
Step 2 – Get with a real estate agent
This is where Re/Max Around Atlanta can help. I'd be happy to set up a time to meet with you and speak with you about your real estate needs and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Alpharetta area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you start the loan process. I partner with some of Alpharetta's finest mortgage professionals, so you'll be in great hands. They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll begin searching for available homes on the market that are a good fit for you. I'll research most of the homes and reject the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we tour the homes, I'll identify positive features and negative ones. I'll also ask you to tell us about things you like and don't like. Generally, buyers update their wish list as we view houses and some features become more crucial than others. If that's the situation, I'll search all the listings again and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the market
Your agent's knowledge of the Alpharetta market is a necessary factor in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I will communicate which neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful examination.
When we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell." Any REALTOR® will convince you they understand the home market, but be wary, and make sure you ask your agent lots of questions. If things don't add up, just call me at 404-806-5353 or e-mail me at Info@blacktiehomes.net, and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find the home of your dreams in the Alpharetta area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon presenting 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. The amount is often put towards the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Get a loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan. If you're pre-qualified, this shouldn't take long at all, 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 Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your application. This estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will most likely be a smooth and easygoing event.
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, make sure you call me at 404-806-5353 or send me an e-mail.
