Contemplating purchasing a new home in Oil City?

Buying a home is an intimidating event for most people, but it's not very confusing with a little up-front planning. I like to supply buyers with an outline of the entire deal so they understand exactly what they can expect. These 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 glad to answer any questions you have about this information.

Step 1 – Prepare to buy
There are plenty of things you'll want to consider before you look for a home. It's likely that you'll want to form a check list of must-haves, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget. A good rule to follow is that your mortgage payment should be less than or close to 1/3 of your monthly income.

Step 2 – Talk to a real estate agent in Oil City
This is where Oil Region Realty, LLC can help. We'll set up a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Oil City area.

I can also help you get started on your loan. I work with some of the finest mortgage professionals in Oil City, 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 qualified.

Step 3 – Begin looking for a home
After our first meeting, I'll begin searching for available homes on the market that best suit you. I'll preview many of the homes and throw out the duds, and then we'll book appointments to tour the houses when it's most convenient for you.

As we view homes, I'll show you the positive features and negative ones. I'll also ask you to tell us about things you like and dislike. Usually, buyers revise their list of must-haves as we tour houses and some items become far more essential 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 dreaming about.

Step 4 – Understand the market
Your agent's understanding of the Oil City market is a leading component in your home search. And I assure you I'm conscious of all the neighborhoods and schools, and I'll communicate some neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for cautiousness.

As we view houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I know the home is "priced to sell." Be mindful and be sure to ask plenty of questions, as every real estate agent will convince you they know the housing market. If things don't add up, just call me at (814) 677-2326 or e-mail me at , and I'll be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire deal.

Step 5 – Find your dream house
We'll find your dream home in the Oil City area, and when we do, I'll thoroughly develop your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, finishing the inspection, and a clean title.

When we submit your offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Most contracts aren't closed on the initial offer – it's extremely common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or refuse 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 put together a contract that's best for you.

Step 7 – Obtain financing
Once we sign the final sales contract, you'll begin working with your lender to close the loan. If you're already pre-approved, this shouldn't take very long at all, but you need to keep in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) of your closing costs within three days of getting your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your loan application. This estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if everything looks adequate.

Then we'll close on your home. This will most likely take place at a title company or escrow office and should be a smooth and easygoing 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, just contact me at (814) 677-2326 or e-mail me at .

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