Purchasing a home in Oil City with Oil Region Realty, LLC
Purchasing a home is intimidating for most people, but it isn't all that complicated with a little up-front planning.
So they know exactly what to expect, I like to supply buyers with an overview of the whole deal.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to buy a home
There are many things you'll want to do before beginning your home search.
When you start your search, you'll probably want to form a list of features you need to have, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent in Oil City
This is where Oil Region Realty, LLC comes in.
I'd be more than happy to book 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 neighborhoods, school districts in the Oil City area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
I'll also help you begin the loan process.
I work with some of Oil City's finest mortgage professionals, so you can rest assured that you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll begin looking for available houses on the market that are a great fit for you.
I'll get a sneak peek of many of the houses and throw out the duds, and then we'll book appointments to view the homes whenever it's convenient for you.
As we tour homes, I'll show you the good features, as well as negative ones. And I'll ask you about things you like and don't like.
Most often, buyers amend their must-have list as we view homes and some items become more important than others.
If such is the case, I'll look through the listings again and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the market
Your agent's awareness of the Oil City housing market is a necessary agent in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll alert you to what neighborhoods are "hot" and require prompt action and the ones that are "cool" and allow for careful examination.
When we view homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell."
Any REALTOR will tell you they truly understand the home market, but trust your instincts, and make sure you ask lots of questions.
If things don't add up, call me at (814) 677-2326 or e-mail me at , and I'll be more than happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been looking for
We'll find your dream home in the Oil City area, and when we do, I'll precisely develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as obtaining financing, finishing the inspection, and a clear title.
Upon presenting your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property. The amount is usually put towards the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get your loan
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn'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 lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) detailing closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your application.
This estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at (814) 677-2326 or e-mail me at .