For most people, purchasing a home can be stressful. With some planning ahead of time, it’s not very complex. So you understand exactly what to expect, we like to provide our buyers with an outline of the whole deal. Below are our nine steps to purchasing a home.
When you’re ready to get started, just contact us here or send us e-mail. We’re glad to answer any questions you have about this information.
Step 1 – Get ready to buy
There are plenty of things you should do prior to commencing your home search. When you start your search, you’ll probably want to create a list of items you want, get a feeling for what school districts and neighborhoods you’d like to live in, and begin planning around your budget. Keeping your mortgage payment less than 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent
This is where The Pattie Murray Team comes in. We’d be more than happy to plan a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future. We’ll discuss everything from neighborhoods, school districts in Glen Ellyn and surrounding areas, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
We’ll also assist you with getting started on your loan. There are some great mortgage professionals that we partner with, so you can rest assured that you’re in great hands. They’ll assist you with deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking
Following our first meeting, we’ll begin finding houses on the market that are great for you. We’ll preview many of the homes and remove the bad ones, and then we’ll book appointments to tour the houses whenever it’s most convenient for you.
When we tour houses, we’ll call attention to positive features and bad ones. we’ll even ask you to point out what things you like and don’t like. It’s pretty common for buyers to change their list of must-haves as we tour homes and some features become far more substantial than others. If that’s the situation, we’ll look through all the listings once again and narrow it down to the home you’ve been wishing for.
Step 4 – Get a grasp of the market
An agent’s awareness of the Glen Ellyn home market is a crucial agent in your house search. And we can assure you we’re very familiar with all the neighborhoods and schools, and we will alert you to what neighborhoods are “hot” and demand immediate action and the ones that are “cold” and allow for more examination.
As we view houses, we’ll let you know when the seller’s list price has room for bargaining and also when we believe the home is “priced to sell.” Any real estate agent in Glen Ellyn will convince you they truly know the housing market, but be on guard, and make sure you ask plenty of questions. If it doesn’t seem like they know everything, just call us at 630-842-6063 or e-mail us at [email protected] and we’ll be glad to answer any questions you have. Our understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream home
We’re sure we’ll find the home of your dreams in the Glen Ellyn area. When that happens, we’ll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
Let The Pattie Murray Team guide you through finding your dream home in Glen Ellyn. Upon turning in your purchase offer, you’ll want to present “earnest money.” This is a cash deposit given to a home seller to secure an offer to purchase the property, and it’s most often applied to the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don’t close on the first offer – it’s extremely common to receive a counter offer. Don’t let it discourage you. We’ll talk about whether or not to agree to the counter offer, propose our own counter offer, or decline the seller’s offer and go on.
How aggressively we negotiate the contract depends on market conditions. In addition, we’ll work within your financing constraints. And when it’s all said and done, we’ll formulate a contract that works well for you.
Step 7 – Get financing
After the contract is complete, you’ll begin working with your lender to close the loan. If you’ve been pre-qualified, it shouldn’t be a long process at all. However, you’ll need to stay in close contact with your mortgage lender. And we’ll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your loan application. This estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy, and we’ll examine the estimate and let you know if it all looks permissible.
Then it’s time to close on your home. This will likely occur at a title company or escrow office and will probably be a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact us at firstname.lastname@example.org