Are you purchasing a home in Oil City?
Purchasing a home is an intimidating event for a lot of people. However, with a little planning ahead of time, it's not that complex.
So they understand exactly what they can expect, I like to provide buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
Should you have any questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are several things you should consider prior to commencing your home search.
You'll want to form a list of items you want to have, get a plan of what school districts you'd like to live in, and begin working on your budget.
A good rule to follow is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Speak with a real estate agent in Oil City
That's where I can help.
We can schedule a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Oil City area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
I work with some of the best mortgage professionals in Oil City, so you're in great hands.
They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll start finding houses on the market that are great for you.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
When we tour houses, I'll point out positive features and bad 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 crucial than others.
If that's the case, I'll look through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My understanding of the Oil City housing market is a necessary factor in your house search. I am mindful of all the neighborhoods and school districts, and I can let you know certain areas are "hot" and warrant immediate action and others that are "cold" and allow for thoughtful examination.
As we tour homes, I'll make sure to communicate when the list price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Every real estate agent will claim to truly know the market.
If things don't add up, call me at (814) 677-2326 or e-mail me at , and I'd be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find your dream house in Oil City, and when that happens, I'll precisely create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
Upon submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your budget. And when it's all said and done, we'll compose a contract that works well for you.
Step 7 – Secure your loan
Upon finishing the contract, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you've been pre-approved, but you'll need to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often occur at a title company or escrow office and will most likely be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just call me at (814) 677-2326 or e-mail me at .