With some planning ahead of time, buying a home isn't that hard, but the event intimidates a lot of people. So you know exactly what to expect, I like to give my buyers an overview of the whole deal. Below are my nine steps to buying a home.
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If you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at doug@thetrudeaugroup.com. |
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Step 1 – Get ready to purchase
Before you start your home search, there are plenty of things you'll want to consider. When you begin your search, you'll want to make a check list of features you want, get a plan of what school districts you'd like to live in, and begin planning your budget. Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Tucson
That's where I come in. I'd love to book a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, schools in the Tucson area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you get started on your loan. There are some great mortgage professionals in Tucson, and I partner with a lot of them, so you're in great hands. They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
Following our initial meeting, I'll start looking for houses on the market that meet your needs. I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
As we view the homes, I'll identify positive features and negative ones. I'll also ask you to tell us about things you like and don't like. Most often, buyers amend their wish list as we tour homes and some things become more essential than others. If such is the case, I'll look through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Understand the housing market
My knowledge of the Tucson market is an essential resource in your home search. I'm mindful of all the neighborhoods and school districts, and I'll alert you to certain districts are "hot" and require prompt action and the ones that are "cool" and allow for cautiousness.
As we view homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." Be mindful and make sure you ask lots of questions, as every real estate agent will convince you they understand the market. If things don't add up, call me at 5205442335 or e-mail me at doug@thetrudeaugroup.com, and I'll be glad to answer any questions you have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream house in Tucson. When we do, I'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When we send in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property. The amount is often applied to the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer, and it's very common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the contract. In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this won't be a long process at all. However, you need to stay in close contact with your lender. And I'll take care of 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 your closing costs from your lender within three days of getting your loan application. The estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely happen at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (520) 954-2209 or send me an e-mail.
