Step 1 – Get ready to buy
There are plenty of things you'll want to take into account before you start looking for a home. When you start your search, you'll want to put together a checklist of must-haves, get a feel for what school districts and neighborhoods you'd like to live in, and begin working on your budget. A good principle to adhere to is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Get with a real estate agent
This is where I can help. I can set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Clarkston area.
I'll also help you start the loan process. There are some excellent mortgage professionals in Clarkston, and I work with a lot of them, so you can rest assured that you're in great hands. They can assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin looking for houses on the market that best suit you. I'll preview most of the houses and throw out the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
As we tour houses, I'll call attention to positive features, as well as negative ones. And I'll ask you what things you like and dislike. Most often, buyers revise their wish list as we tour houses and some items become more necessary than others. If that happens, I'll go back through the listings once again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the market
My understanding of the Clarkston housing market is a fundamental benefit in your search. I am familiar with all the school districts and neighborhoods, and I will alert you to certain neighborhoods are "hot" and require immediate action and the others that are "cold" and allow for careful analysis.
When we tour homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be careful and be sure to ask a lot of questions, as every REALTOR® in Clarkston will convince you they understand the home market. If it appears they don't know everything, just call me at 248-625-9500 or e-mail me at firstname.lastname@example.org, and I'll be glad to answer any questions you have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm confident we'll find your dream home in Clarkston. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property. The amount is typically put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer, and it's really common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll put together a contract that's best for you.
Step 7 – Secure a loan
After the contract is signed, you'll begin working with your lender to close the loan. This won't take very long at all if you're pre-qualified, but you'll need to stay in close contact with your mortgage lender. And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your loan application. This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most likely be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at 248-625-9500.
Seaver Title Agency is a full service title agency providing comprehensive services to companies and individuals involved in real estate transactions.