Buying or selling a home in Oil City?
With a little planning ahead of time, purchasing a home isn't that hard, but the event is stressful for many people.
So they'll understand exactly what they can expect, I'll give buyers an outline of the entire deal.
Here are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are a lot of things you'll want to consider before commencing your home search.
You'll most likely want to make a checklist of features you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good guideline to follow.
Step 2 – Speak with a real estate agent
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 speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Oil City area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
I can also help you facilitate the loan process.
Oil Region Realty, LLC partners with some of the best mortgage professionals in Oil City, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll start finding available houses on the market that suit your needs.
I'll research most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
When we view houses, I'll identify positive features and bad ones. I'll also ask you about things you like and don't like.
As a rule, buyers amend their must-have list as we tour homes and some features become far more substantial than others.
If that happens, I'll go back through all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
My knowledge of the Oil City market is an essential factor in your home search. I am mindful of all the neighborhoods and schools, and I can communicate what areas are "hot" and call for prompt action and others that are "cold" and allow for careful consideration.
As we tour homes, I'll make sure to communicate if the asking 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 plenty of questions. Any real estate agent will convince you they truly understand the home market.
If it seems like they don't know everything, 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 market knowledge will help you stay a step ahead through the entire deal.
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 thoroughly create your purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When presenting your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer, and it's really common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get financing
After the deal is finalized, you'll start working with your lender to close the loan.
If you're already pre-qualified, this won't take much time at all. But you need to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of receiving your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and stress-free event.
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, be sure to call me at (814) 677-2326 or e-mail me at .