With some up-front planning, buying a home isn't very difficult, but the event intimidates a lot of people.
So you understand exactly what to expect, I like to give my buyers a road map of the whole deal.
These are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to judyo@bostonmetrowestrealestate.com. I'm glad to answer any questions you have regarding this information.
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Step 1 – Get ready to buy a home
There are a lot of things you should take into account prior to beginning your home search.
When you begin your search, you'll probably want to put together an index of items you want, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Speak with a real estate agent in Framingham
That's where I can help.
We can book 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 neighborhoods, schools in the Framingham area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some great mortgage professionals in Framingham, and I work with a lot of them, so you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start looking for homes on the market that suit your needs.
I'll preview most of the homes and throw out the duds, and then we'll schedule appointments to view the houses at a time that's convenient for you.
As we view homes, I'll identify positive features and bad ones. I'll even ask you about things you like and dislike.
Frequently, buyers revise their wish list as we tour houses and some items become far more crucial than others.
If that's the case, I'll look through the listings once again and trim it down to the house of your dreams.
Step 4 – Get a feel for the market
Your agent's understanding of the Framingham home market is an imperative element in your home search. And I assure you I'm conscious of all the neighborhoods and schools, and I can alert you to some areas are "hot" and call for prompt action and some that are "cold" and allow for more consideration.
When we tour homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Any REALTOR® will convince you they truly understand the housing market, but trust your instincts, and make sure you ask your agent plenty of questions.
If things don't add up, call me at 508-872-8790 or e-mail me at judyo@bostonmetrowestrealestate.com, and I'd be glad to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I'm positive we'll find the home of your dreams in Framingham. When we do, I'll meticulously develop your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clear title.
Upon submitting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's typically applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let this 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 contract depends on market circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain a loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't be a long process at all. But you'll want to stay in close contact with your mortgage lender.
And I'll manage 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 loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will probably take place at a title company or escrow office and will probably be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 508-872-8790 or send me an e-mail.
