Are you buying a new home in Oil City? Oil Region Realty, LLC can help.
For a lot of people, purchasing a home is a stressful event. However, with some planning ahead of time, it isn't very difficult.
I like to supply buyers with an overview of the whole deal so they understand exactly what they can expect.
These are my nine steps to purchasing a home.
If you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you start looking for a home, there are a lot of things you need to contemplate.
You'll want to create a list of features you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be no more than 1/3 of your net monthly income.
Step 2 – Connect with a real estate agent
That's where I can help.
I'd be more than happy to set up a time to get together with you and communicate with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Oil City area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Oil City, and I partner with a lot of them, so you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
Following our first meeting, I'll start searching for homes on the market that meet your needs.
I'll research many of the homes and reject the bad ones, and then we'll book appointments to view the homes when it's most convenient for you.
When we view houses, I'll call attention to positive features, as well as negative ones. I'll even ask you what things you like and don't like.
It's widely common for buyers to amend their wish list as we view homes and some items become more essential than others.
If that's the case, I'll go back through all the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
An agent's awareness of the Oil City housing market is a leading factor in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll alert you to which areas are "hot" and warrant prompt action and the ones that are "cool" and allow for careful examination.
As we tour homes, I'll let you know when the list price has room for negotiation and also when I believe the home is "priced to sell."
Be mindful and make sure you ask plenty of questions, as every real estate agent will convince you they truly understand the housing market.
If things don't add up, just call me at (814) 677-2326 or e-mail me at , and I'll be glad to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the house of your dreams in Oil City. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies, such as obtaining financing, completing the home inspection, and a clean title.
When we turn in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property and is often applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer, and it's really common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Obtain your loan
Once the contract is finalized, you'll start working with your lender to close the loan.
If you're pre-approved, this won't be a long process at all, but you need to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most often happen 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 home. Enjoy it. And if you need anything, just contact me at (814) 677-2326 or e-mail me at .