Buying a home is stressful for many people. However, with a little up-front planning, it's not that hard. I like to give buyers a road map of the whole deal so they know exactly what to expect. Below are my nine steps to buying a home.
Step 1 – Get ready to buy
Prior to beginning your home search, there are several things you'll want to consider. It's likely that you'll want to create a checklist of items you want, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget. A good principle to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Get with a real estate agent in Framingham
This is where I come in. I'd be more than happy to set up a time to get together with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans. We'll discuss the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Framingham area.
In addition, I'll help you begin the loan process. There are some very good mortgage professionals in Framingham, and I work with a lot of them, so you'll be in great hands. They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our first meeting, I'll begin searching for available homes on the market that meet your needs. I'll research many of the houses and reject the duds, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we tour houses, I'll identify good features, as well as negative ones. I'll also ask you about things you like and don't like. It's common for buyers to amend their must-have list as we tour houses and some things become more substantial than others. If such is the case, I'll look through the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
Your agent's understanding of the Framingham housing market is a crucial factor in your home search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to certain neighborhoods are "hot" and warrant prompt action and some that are "cold" and allow for more examination.
When we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions. Every real estate agent in Framingham will tell you they truly understand the housing market. If it seems like they don't know everything, call me at 508-872-8790 or e-mail me at judyo@bostonmetrowestrealestate.com, and I'll be glad to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm sure we'll find the house of your dreams in the Framingham area. When that happens, I'll thoroughly create your purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When submitting your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property, and it's typically applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's really common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Secure your loan
After we sign the final contract, you'll start working with your lender to close the loan. This won't be a long process at all if you're already pre-qualified, but you should 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
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application. The estimate is based on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your house. This should take place at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 508-872-8790 or send me an e-mail.
