Are you purchasing your new home in Oil City? Oil Region Realty, LLC can help.
Purchasing a home is a stressful event for a lot of people. However, with a bit of planning ahead of time, it's not too hard.
I like to furnish buyers with an overview of the whole deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
Should you have any 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 purchase a home
Prior to beginning your home search, there are several things you need to do.
It's likely that you'll want to assemble an outline of must-have features, get a feeling for what school districts and neighborhoods you want to live in, and start planning around your budget.
A good rule of thumb to follow is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Speak with a real estate agent in Oil City
This is where Oil Region Realty, LLC comes in.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Oil City area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
Oil Region Realty, LLC partners with some of the best 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 – Begin your search
After we meet for the first time, I'll begin searching for available homes on the market that are a good fit for you.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to view the houses whenever it's most convenient for you.
When we tour houses, I'll identify positive features and bad ones. And I'll ask you to point out what things you like and dislike.
It's widely common for buyers to update their wish list as we view homes and some items become more substantial than others.
If that's the case, I'll go back through all the listings another time and trim it down to the home you've been waiting for.
Step 4 – Know the market
My understanding of the Oil City market is a fundamental element in your house search. I am familiar with all the neighborhoods and schools, and I will communicate some districts are "hot" and require immediate action and some that are "cool" and allow for careful examination.
As we tour homes, I'll make sure to communicate when the asking price has room for negotiation and when I trust the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Any REALTOR will tell you they truly understand the housing 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 any questions you may have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream house in Oil City. When we do, I'll meticulously create your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
Upon sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the initial offer, and it's widely common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Secure financing
Once the contract is finalized, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all. But you'll want to stay in close contact with your lender.
And I'll care for 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 closing costs from your lender within three days of getting your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if everything looks good.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at (814) 677-2326 or e-mail me at .