Buying or selling a home? Oil Region Realty, LLC can help.
Buying a home is stressful for a lot of people, but with a bit of up-front planning, it isn't that confusing.
So they know exactly what to expect, I will give buyers an outline of the entire deal.
Here are my nine steps to purchasing a home.
If you have any questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you need to consider before starting your home search.
When you start your search, you'll probably want to assemble a list of features you want to have, get a plan of what neighborhoods you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule to adhere to.
Step 2 – Connect with a real estate agent in Oil City
That's where I come in.
I'd like to book 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 upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Oil City area.
I'll also help you begin the loan process.
There are some great mortgage professionals in Oil City, and I partner with a lot of them, so you'll be in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll start searching for houses on the market that are great for you.
I'll get a sneak peek of most of the houses and eliminate the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
As we tour the homes, I'll point out good features and bad ones. I'll also ask you about things you like and don't like.
It's common for buyers to update their wish list as we tour houses and some items become more important than others.
If such is the case, I'll search the listings another time and trim it down to the home of your dreams.
Step 4 – Know the market
My knowledge of the Oil City housing market is a fundamental agent in your house search. I am familiar with all the neighborhoods and school districts, and I'll let you know certain neighborhoods are "hot" and require immediate action and some that are "cool" and allow for careful examination.
When we tour homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask lots of questions, as every real estate agent will convince you they understand the housing market.
If it doesn't seem like they know everything, just call me at (814) 677-2326 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream house in the Oil City area. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
Upon turning in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property, and it's typically put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
Upon signing the contract, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't take long at all, but you 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
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of taking your application.
This estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at (814) 677-2326 or e-mail me at .