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Purchasing a home is intimidating for a lot of people, but it's not all that hard with some planning ahead of time. So they know exactly what to expect, I will provide buyers with a road map of the whole deal. Here are my nine steps to buying a home. When you're ready to get started, just contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Get ready to purchase
Before you start looking for a home, there are many things you'll want to do. When you start your search, you'll probably want to make a checklist of items you want to have, plan for what school districts you'd like to live in, and begin working on your budget. A good rule to go by is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in Algonquin
This is where Jim Silva - (847) 791-5843 can help. We'll book 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 neighborhoods, schools in the Algonquin area, the mortgage and housing industries, and any additional economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process. There are some great mortgage professionals in Algonquin, and I partner with a lot of them, so you're in great hands. They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our first meeting, I'll begin looking for homes on the market that are a great fit for you. I'll preview many of the houses and throw out the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we tour houses, I'll show you the good features and bad ones. And I'll ask you to point out what things you like and dislike. Frequently, buyers change their list of must-haves as we tour houses and some features become far more essential than others. If such is the case, I'll go back through all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's awareness of the Algonquin home market is a leading component in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I will alert you to which areas are "hot" and call for immediate action and some that are "cold" and allow for careful examination.
When we view homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Any real estate agent will claim to comprehend the home market. If it appears they don't know everything, just call me at 8477915843 or e-mail me at , and I'll be glad to answer any questions you may have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find the home of your dreams in Algonquin, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is usually applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer – it's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Get financing
After we sign the final contract, you'll start working with your lender to close the loan. If you're pre-approved, it shouldn't take much time at all. However, you'll need to stay in close contact with your lender. And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will likely occur at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call me at 847-791-5843.