With a little up-front planning, purchasing a home isn't that difficult, but the event can be stressful for a lot of people.
So you'll know exactly what to expect, I like to supply my buyers with an outline of the whole deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
There are several things you should contemplate before starting your home search.
You'll most likely want to create an index of features you need to have, get a feeling for what school districts you want to live in, and start planning your budget.
A good principle to adhere to is that your mortgage payment should be around 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Lakewood
That's where I can help.
I'd like to set up a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Lakewood area.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Lakewood, and I work with a lot of them, so you'll be in great hands.
They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start your search
Following our first meeting, I'll start searching for houses on the market that suit your needs.
I'll research most of the homes and ignore the duds, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we view the houses, I'll call attention to good features, as well as negative ones. I'll even ask you about things you like and dislike.
Frequently, buyers update their list of must-haves as we tour houses and some things become more important than others.
If that's the case, I'll look through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
An agent's knowledge of the Lakewood housing market is a fundamental agent in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I can communicate which districts are "hot" and demand immediate action and others that are "cool" and allow for careful analysis.
As we tour homes, I'll let you know when the list price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Every real estate agent in Lakewood will tell you they know the housing market.
If things don't add up, call me at 303 475 8494 or e-mail me at pfgoetz@paulinegoetz.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
We'll find the home of your dreams in the Lakewood area, and when that happens, I'll precisely develop your purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is typically put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer. It's pretty common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Once the contract is signed, you'll start working with your lender to close the loan.
It won't be a long process at all if you're pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your home. This should take place at a title company or escrow office and will probably be a smooth and easygoing event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just contact me at 303 475 8494 or send me an e-mail.
