Buying a home is a stressful event for most people, but with some up-front planning, it's not very complex.
I like to supply buyers with an overview of the entire deal so they understand exactly what to expect.
Below are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at geoff@umatillahomezone.com.
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Step 1 – Prepare to buy
Before you begin looking for a home, there are a lot of things you'll want to take into account.
When you begin your search, you'll probably want to form an index of features you need to have, get an idea of what neighborhoods you'd like to live in, and begin planning your budget.
A good guideline to adhere to is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Talk to a real estate agent
That's where I can help.
I'd be happy to schedule a time to get together with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Umatilla area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also help you start the loan process.
There are some great mortgage professionals in Umatilla, and I partner with a lot of them, so you're in great hands.
They'll assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll start searching for available houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and exclude the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour the houses, I'll show you the good features, as well as bad ones. I'll also ask you to point out what things you like and dislike.
It's widely common for buyers to update their list of must-haves as we tour houses and some features become more essential than others.
If that happens, I'll search the listings another time and trim it down to the house of your dreams.
Step 4 – Get a feel for the market
Your agent's understanding of the Umatilla home market is a necessary aspect in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I will communicate which areas are "hot" and warrant prompt action and the ones that are "cold" and allow for careful examination.
As we view homes, I'll be sure to tell you when the list price has room for negotiation and when I trust the home is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any REALTOR® will tell you they understand the market.
If things don't add up, contact me at 352-455-3684 or e-mail me at geoff@umatillahomezone.com, and I'd be happy to answer any questions you might have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
We'll find your dream house in Umatilla, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon presenting your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is often put towards 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
Most deals don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing limits. 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 deal is finished, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks good.
Then it's time to close on your home. This will probably take place at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
You made it! 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 352-455-3684 or send me an e-mail.
