Are you buying your home in Oil City? Oil Region Realty, LLC can help.
Buying a home intimidates many people. However, with some planning ahead of time, it's not all that complex.
So they know exactly what they can expect, I will supply buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are plenty of things you need to take into account before commencing your home search.
It's likely that you'll want to make a checklist of items you want to have, get a feeling for what neighborhoods you'd like to live in, and begin planning your budget.
A good principle to follow is that your mortgage payment should be less than or close to 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent
This is where Oil Region Realty, LLC comes in.
We can book 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 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.
I can also assist you with getting started on your loan.
There are some great mortgage professionals in Oil City, and I partner with a lot of them, so you'll be in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll start finding available houses on the market that are good for you.
I'll preview many of the homes and ignore the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. And I'll ask you to tell us about things you like and dislike.
Usually, buyers update their must-have list as we tour homes and some items become more substantial than others.
If that happens, I'll go back through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
An agent's understanding of the Oil City market is a fundamental component in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I will let you know some districts are "hot" and demand prompt action and some that are "cold" and allow for careful consideration.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I believe the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as every REALTOR in Oil City will tell you they comprehend the market.
If it appears they don't know everything, contact me at (814) 677-2326 or e-mail me at , and I'll be happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find the home of your dreams in Oil City, and when we do, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as acquiring financing, completing the home inspection, and a clear title.
When turning in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property. The amount is most often applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain a loan
Upon signing the contract, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you're pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage 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 getting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most likely occur at a title company or escrow office and should be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at (814) 677-2326 or e-mail me at .