Contemplating purchasing a home in Oil City? Oil Region Realty, LLC can help.
With some planning ahead of time, buying a home isn't too complicated, but the event is stressful for many people.
I like to give buyers an overview of the whole deal so they know exactly what to expect.
Here 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 happy to answer questions you have about this information.
Step 1 – Get ready to buy a home
There are many things you'll want to do prior to beginning your home search.
When you begin your search, you'll want to create a check list of must-have features, get a plan of what neighborhoods you want to live in, and start planning your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good rule of thumb to follow.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd love to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Oil City area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I can also help you facilitate the loan process.
Oil Region Realty, LLC works with some of Oil City's finest mortgage professionals, so you'll be in great hands.
They will assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Start house-hunting
After we meet for the first time, I'll begin searching for homes on the market that are a great fit for you.
I'll preview many of the homes and eliminate the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we tour the houses, I'll show you the positive features, as well as bad ones. I'll even ask you what things you like and dislike.
It's widely common for buyers to change their list of must-haves as we view houses and some things become more crucial than others.
If such is the case, I'll look through all the listings once again and trim it down to the home you've been waiting for.
Step 4 – Know the market
My knowledge of the Oil City housing market is an imperative aspect in your home search. I'm acquainted with all the neighborhoods and school districts, and I can alert you to which neighborhoods are "hot" and warrant prompt action and others that are "cold" and allow for careful examination.
When we tour houses, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Any REALTOR will convince you they know the home market.
If things don't add up, just call me at (814) 677-2326 or e-mail me at , and I'll be happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find your dream home in Oil City, and when we do, I'll thoroughly develop your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as obtaining financing, completing the home inspection, and a clear title.
When we send in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get financing
After we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this won't be a long process at all, but you should to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy. I'll study the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will likely be a smooth and relaxed event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (814) 677-2326 or e-mail me at .