Are you looking to buy a home in Oil City? Oil Region Realty, LLC can help.
For many people, purchasing a home can be an intimidating event. But with some planning ahead of time, it's not all that complex.
So they understand exactly what they can expect, I will supply buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Prepare to buy
There are many things you need to take into account prior to beginning your home search.
It's likely that you'll want to form a checklist of features you want to have, get a plan of what school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent in Oil City
That's where I can help.
I'd be more than happy to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Oil City area.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Oil City, and I work with a lot of them, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, I'll start searching for available houses on the market that are great for you.
I'll get a sneak peek of many of the homes and eliminate the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we view homes, I'll point out positive features, as well as bad ones. And I'll ask you what things you like and dislike.
Generally, buyers update their list of must-haves as we view houses and some items become more necessary than others.
If that's the situation, I'll search the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Know the market
Your agent's knowledge of the Oil City market is a leading agent in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I can alert you to which neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for thoughtful consideration.
When we tour homes, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as every REALTOR in Oil City will claim to know the housing market.
If it appears they don't know everything, just call me at (814) 677-2326 or e-mail me at , and I'll be happy to answer any questions you may have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in Oil City. When that happens, I'll carefully develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as getting financing, completing the inspection, and a clean title.
When sending in your offer, you'll likely want to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's very common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Obtain your loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
This won't take much time at all if you're pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll look after 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) detailing closing costs from your lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate 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 permissible.
Then we'll close on your house. This will most often take place at a title company or escrow office and is often a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (814) 677-2326 or e-mail me at .