Purchasing a home in Lincoln
With some up-front planning, buying a home isn't very hard, but the event intimidates a lot of people. I like to supply buyers with an overview of the whole deal so they'll know exactly what to expect. Below are my nine steps to purchasing a home.
Step 1 - Get ready to buy
There are several things you need to take into account before you start looking for a home. You'll probably want to create an index of features you need to have, get an idea of 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 close to 1/3 of your net monthly income.
Step 2 - Communicate with a real estate agent in Lincoln
This is where Reliable Realty Group can help. I can schedule a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, schools in the Lincoln area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process. I work with some of the finest mortgage professionals in Lincoln, so you'll be in great hands. They'll assist you in figuring out which type of loan is best for you and help you get approved.
Step 3 - Begin your home search
After we meet for the first time, I'll begin searching for homes on the market that are a good fit for you. I'll preview many of the homes and remove the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
As we tour houses, I'll show you the positive features and negative ones. And I'll ask you what things you like and don't like. Most often, buyers amend their must-have list as we view houses and some things become more essential than others. If such is the case, I'll go back through the listings once again and trim it down to the house you've been waiting for.
Step 4 - Know the market
An agent's understanding of the Lincoln home market is an imperative aspect in your home search. And I assure you I'm informed of all the neighborhoods and schools, and I will let you know which districts are "hot" and require prompt action and the rest that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell." Be on guard and make sure you ask plenty of questions, as every REALTOR� in Lincoln will claim to truly know the home market. If things don't add up, call me at (401) 723-3300 or e-mail me at firstname.lastname@example.org, and I'll be happy to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 - Find the home you've been waiting for
I'm certain we'll find your dream home in the Lincoln area. When we do, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When presenting your offer, you'll likely need to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is often applied to the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 - Negotiate
Most deals don't close on the first offer - it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market determines 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 assemble a deal that works well for you.
Step 7 - Obtain a loan
Once the contract is complete, you'll begin working with your lender to close the loan. If you're already pre-approved, it shouldn't be a long process at all, but you'll need to stay in close contact with your lender. And I'll care for all the property information your mortgage lender will need to close the loan.>
Step 8 - Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your loan application. This estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if everything looks all right.
Then we'll close on your home. This should happen at a title company or escrow office and will likely be a smooth and relaxed event.
Step 9 - Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at (401) 723-3300 or send me an e-mail.