Are you purchasing your new home in Oil City?
For a lot of people, purchasing a home is a stressful event. However, with some planning ahead of time, it's not very difficult.
I like to furnish buyers with a road map of the whole deal so they understand exactly what they can expect.
Below are my nine steps to buying a home.
Should you have questions about 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
There are plenty of things you need to contemplate prior to commencing your home search.
When you start your search, you'll want to form a check list of items you want to have, get a feeling for what school districts and neighborhoods you'd like to live in, and start working on your budget.
A good rule to adhere to is that your mortgage payment should be no more than 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent
This is where Oil Region Realty, LLC comes in.
We'll set up a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Oil City area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you get started on your loan.
I partner with some of Oil City's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After we meet for the first time, I'll start looking for homes on the market that are a great fit for you.
I'll preview many of the homes and throw out the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we tour houses, I'll show you the positive features and bad ones. I'll also ask you to tell us about things you like and dislike.
Generally, buyers change their must-have list as we view homes and some things become far more important than others.
If that's the situation, I'll go back through the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Comprehend the market
An agent's understanding of the Oil City market is a necessary component in your house search. And I assure you I'm informed of all the neighborhoods and schools, and I'll alert you to certain areas are "hot" and require immediate action and others that are "cool" and allow for thoughtful analysis.
When we tour homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions, as every REALTOR in Oil City will convince you they know the home market.
If it appears they don't know everything, contact me at (814) 677-2326 or e-mail me at , and I'd be more than happy to answer any questions you might have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find your dream house in Oil City. When we do, I'll thoroughly create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, completing the inspection, and a clear title.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Get financing
Once the deal is finalized, you'll begin working with your mortgage lender to close the loan.
It won't be a long process at all if you're already pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of getting your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most often happen at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (814) 677-2326 or e-mail me at .