Are you buying a new home in Oil City? Oil Region Realty, LLC can help.
For many people, purchasing a home can be a stressful event. However, with a little up-front planning, it isn't very confusing.
So they understand exactly what to expect, I like to furnish buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
If you have any questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you'll want to do prior to starting your home search.
You'll want to put together a check list of items you need, get an idea of what school districts you want to live in, and begin planning your budget.
A good rule to go by is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where Oil Region Realty, LLC can help.
I'd be more than happy to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your plans for the future.
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 buying decision today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some excellent 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'll help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll begin finding homes on the market that are good for you.
I'll research many of the houses and eliminate the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
When we tour the homes, I'll identify good features and bad ones. I'll also ask you to point out what things you like and dislike.
It's common for buyers to amend their must-have list as we tour houses and some items become more essential than others.
If that's the situation, I'll go back through the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Know the market
My understanding of the Oil City housing market is an essential component in your house search. I'm conscious of all the neighborhoods and school districts, and I will let you know which neighborhoods are "hot" and warrant immediate action and the ones that are "cold" and allow for more examination.
When we tour homes, I'll be sure to tell you when the asking price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions, as every REALTOR will claim to truly understand the market.
If things don't add up, contact me at (814) 677-2326 or e-mail me at , and I'll be more than happy to answer any questions you have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm positive we'll find your dream home in Oil City. When we do, I'll meticulously create your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, finishing the inspection, and a clear title.
When presenting your 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. The amount is often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the beginning offer, and it's pretty common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to take 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.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Obtain your loan
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take much time at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll deal with 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) outlining your closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will most likely occur 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 house. Enjoy it. And if you need anything or have any questions, be sure to call me at (814) 677-2326 or e-mail me at .