Purchasing a home in Oil City
Purchasing a home can be stressful for many people, but it's not too difficult with a little up-front planning.
I like to provide buyers with an overview of the entire deal so they'll know exactly what to expect.
Below are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Prepare to buy a home
Before you commence your home search, there are plenty of things you'll want to consider.
You'll most likely want to form a check list of features you need, get a feel for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Connect with a real estate agent
This is where Oil Region Realty, LLC can help.
We'll set up 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 the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Oil City area.
I can also help you facilitate the loan process.
There are some great mortgage professionals in Oil City, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view homes, I'll identify good features, as well as negative ones. I'll even ask you to tell us about things you like and dislike.
Usually, buyers update their wish list as we view houses and some things become more crucial than others.
If that's the case, I'll go back through the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
My knowledge of the Oil City home market is a necessary agent in your home search. I'm informed of all the neighborhoods and school districts, and I will communicate some districts are "hot" and call for immediate action and some that are "cool" and allow for careful consideration.
As we tour houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any REALTOR in Oil City will convince you they truly know the home market.
If it appears they don't know everything, call me at (814) 677-2326 or e-mail me at , and I'll be happy to answer your questions. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream house
We'll find your dream home in the Oil City area, and when we do, I'll precisely create your purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as getting financing, finishing the home inspection, and a clear title.
When sending in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is often applied to the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer. It's very common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Obtain your loan
Upon finalizing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't be a long process at all, but you should to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) of closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of receiving your application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at (814) 677-2326 or e-mail me at .