With some up-front planning, buying a home isn't too complex, but the event is intimidating for a lot of people.
So you'll understand exactly what to expect, I like to supply my buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to frankchiaverini@homesplusmore.net. I'm happy to address any questions you have about this information.
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Step 1 – Get ready to purchase
There are many things you should consider prior to starting your home search.
You'll probably want to form a list of must-have features, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent in Morristown
This is where Weichert Realtors comes in.
I'd love to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Morristown area.
In addition, I'll help you begin the loan process.
There are some great mortgage professionals in Morristown, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking
After our initial meeting, I'll begin searching for houses on the market that best suit you.
I'll preview most of the homes and reject the duds, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
As we view houses, I'll point out positive features, as well as negative ones. And I'll ask you to talk about things you like and dislike.
It's pretty common for buyers to revise their must-have list as we tour homes and some features become more crucial than others.
If that's the case, I'll go back through the listings once more and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's knowledge of the Morristown home market is a necessary agent in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I can communicate what areas are "hot" and warrant immediate action and some that are "cold" and allow for careful examination.
When we tour homes, I'll make sure to communicate when the seller's list price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR® will claim to know the market.
If it appears they don't know everything, call me at 973-455-7018 X134 or e-mail me at frankchiaverini@homesplusmore.net, and I'd be glad to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find the home of your dreams in the Morristown area. When that happens, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When we submit your offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property. The amount is usually applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer, and it's pretty common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Get financing
After we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it won't take long at all. But you'll want to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then we'll close on your home. This should happen at a title company or escrow office and will likely be a smooth and calm affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 973-455-7018 X134 or send me an e-mail.
