Buying or selling a home in Oil City?
Purchasing a home can be stressful for many people. However, with some planning ahead of time, it's not very hard.
I like to furnish buyers with a road map of the whole deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are plenty of things you need to contemplate before commencing your home search.
When you begin your search, you'll probably want to create a checklist of features you need to have, get an idea of what school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good rule to go by.
Step 2 – Contact a real estate agent in Oil City
This is where I can help.
I'd be more than happy to set up a time to meet with you and communicate with you about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Oil City area.
In addition, I'll assist you with getting started on your loan.
Oil Region Realty, LLC works with some of Oil City's best mortgage professionals, so you can rest assured that you're in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our first meeting, I'll begin looking for available homes on the market that meet your needs.
I'll research most of the houses and exclude the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll call attention to positive features and negative ones. And I'll ask you what things you like and don't like.
Frequently, buyers update their must-have list as we tour homes and some things become more crucial than others.
If that's the situation, I'll go back through the listings once more and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
My awareness of the Oil City home market is an imperative element in your house search. I am conscious of all the school districts and neighborhoods, and I'll let you know what neighborhoods are "hot" and require immediate action and others that are "cool" and allow for more analysis.
As we view houses, I'll make sure to communicate when the asking price has room for bargaining and also when I believe the home is "priced to sell."
Every real estate agent will claim to understand the housing market, but take notice, and be sure to ask your agent lots of questions.
If it doesn't seem like they know everything, contact me at (814) 677-2326 or e-mail me at , and I'd be happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
We'll find the home of your dreams in the Oil City area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
Upon sending in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property, and it's typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer – it's very common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain financing
After the deal is complete, 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'll want to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) of closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will probably happen at a title company or escrow office and should be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (814) 677-2326 or e-mail me at .