Buying a home is an intimidating event for most people, but it isn't too difficult with a little planning ahead of time.
I like to give buyers an outline of the entire deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at hurstandassociates@fairpoint.net.
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Step 1 – Get ready to buy a home
There are plenty of things you need to take into account before commencing your home search.
You'll want to assemble a list of items you need, get a plan of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
A good principle to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Get with a real estate agent
This is where I come in.
I'd love to plan a time to get together with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Selah area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
I can also help you get started on your loan.
Jody Hurst & Associates Realty works with some of Selah's finest mortgage professionals, so you'll be in great hands.
They will assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After we meet, I'll start finding houses on the market that meet your needs.
I'll research many of the homes and ignore the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we tour houses, I'll call attention to positive features and negative ones. I'll even ask you about things you like and dislike.
It's pretty common for buyers to revise their list of must-haves as we view houses and some features become more essential than others.
If that's the case, I'll search the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's understanding of the Selah home market is a necessary component in your home search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I will let you know what neighborhoods are "hot" and call for prompt action and others that are "cool" and allow for thoughtful examination.
When we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as every REALTOR® in Selah will tell you they comprehend the home market.
If things don't add up, just call me at (509) 697-3000 or e-mail me at hurstandassociates@fairpoint.net, and I'll be happy to answer your questions. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find the home of your dreams in Selah. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are acquiring financing, completing the inspection, and a clean title.
When we submit your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property. The amount is usually applied to the closing costs. If your offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Secure financing
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
This won't take long at all if you're pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll sort out 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) outlining closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if it all looks permissible.
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 calm occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (509) 697-3000 or send me an e-mail.