Buying a home is intimidating for many people, but with some up-front planning, it isn't very complicated.
I like to furnish buyers with a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to angela.rawlins@longandfoster.com. I'm happy to answer questions you have regarding this information.
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Step 1 – Get ready to purchase
Before you begin searching for a home, there are many things you'll want to do.
You'll most likely want to assemble an outline of must-haves, get a feeling for what school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Bowie
This is where I come in.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Bowie area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Bowie, and I work with a lot of them, so you'll be in great hands.
They'll assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin looking for houses on the market that are great for you.
I'll preview most of the homes and eliminate the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we tour the houses, I'll show you the good features and negative ones. And I'll ask you about things you like and dislike.
It's common for buyers to update their wish list as we view houses and some things become far more important than others.
If such is the case, I'll go back through all the listings again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My understanding of the Bowie housing market is a crucial asset in your search. I am acquainted with all the neighborhoods and schools, and I can let you know some neighborhoods are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
When we tour houses, I'll let you know when the list price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as any REALTOR® will tell you they truly know the home market.
If it doesn't seem like they know everything, just call me at 301-262-6900 or e-mail me at angela.rawlins@longandfoster.com, and I'll be glad to answer any questions you may have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find your dream house
I'm positive we'll find the house of your dreams in the Bowie area. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we submit your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property and is usually put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all, but you need to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 301-262-6900 or send me an e-mail.
