Let Oil Region Realty, LLC assist you with buying your home in Oil City
Buying a home can be stressful for many people, but it's not that hard with some planning ahead of time.
I like to give buyers a road map of the whole deal so they understand exactly what they can expect.
Below are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you begin looking for a home, there are many things you'll want to take into account.
It's likely that you'll want to make a checklist of items you need, get a plan of what school districts and neighborhoods you want to live in, and start planning your budget.
A good rule to follow is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Connect with a real estate agent in Oil City
This is where I can help.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Oil City area.
In addition, I'll help you facilitate the loan process.
Oil Region Realty, LLC partners with some of the finest mortgage professionals in Oil City, so you can rest assured that you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking
After our first meeting, I'll start searching for available houses on the market that suit your needs.
I'll preview most of the homes and throw out the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we tour homes, I'll show you the positive features and negative ones. And I'll ask you to talk about things you like and dislike.
It's common for buyers to change their wish list as we tour homes and some items become far more crucial than others.
If such is the case, I'll search all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Comprehend the market
My awareness of the Oil City housing market is a necessary element in your home search. I am mindful of all the neighborhoods and school districts, and I will communicate some districts are "hot" and require immediate action and some that are "cool" and allow for thoughtful consideration.
When we view houses, I'll let you know when the list price has room for bargaining and when I trust the home is "priced to sell."
Any real estate agent will claim to truly know the housing market, but take notice, and be sure to ask your agent a lot of questions.
If it seems like 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 help you stay a step ahead through the entire process.
Step 5 – Find the house of your dreams
We'll find your dream home in Oil City, and when we do, I'll carefully develop your purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as obtaining financing, completing the home inspection, and a clean title.
Upon turning in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's most often applied to the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Secure a loan
Upon signing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take long at all, but you should to stay in close contact with your mortgage lender.
And I'll handle 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) detailing your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely take place at a title company or escrow office and will probably be a smooth and hassle-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at (814) 677-2326 or e-mail me at .