Purchasing a home intimidates many people. However, with a little planning ahead of time, it's not that hard.
I like to give buyers a road map of the whole deal so they understand exactly what to expect.
Here are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to erin.bendis@huntleyrealty.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to purchase
Before you start searching for a home, there are plenty of things you'll want to do.
When you start your search, you'll probably want to form an outline of features you need to have, plan for what neighborhoods you want to live in, and start planning your budget.
A good principle to follow is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent
This is where HUNTLEY REALTY can help.
I'd be more than happy to plan a time to meet 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 schools in the Huntley area.
In addition, I'll help you begin the loan process.
HUNTLEY REALTY partners with some of the finest mortgage professionals in Huntley, so you're in great hands.
They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After we meet for the first time, I'll start looking for available houses on the market that are great for you.
I'll research most of the homes and ignore the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we view the homes, I'll identify positive features and bad ones. I'll even ask you about things you like and dislike.
Generally, buyers revise their wish list as we view homes and some items become more important than others.
If that happens, I'll search the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's knowledge of the Huntley market is a fundamental element in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I'll alert you to certain neighborhoods are "hot" and call for immediate action and the ones that are "cold" and allow for more examination.
As we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as every real estate agent in Huntley will convince you they know the home market.
If things don't add up, contact me at 847.977.4972 or e-mail me at erin.bendis@huntleyrealty.com, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find your dream house
I know we'll find the house of your dreams in the Huntley area, and when we do, I'll thoroughly create your home purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's typically put towards the cost of closing. If the seller accepts the offer, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's very common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Obtain financing
Once the deal is finished, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't be a long process at all. However, you'll need to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application.
The estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your home. This will most often happen at a title company or escrow office and is often a smooth and hassle-free occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at 847.977.4972 or send me an e-mail.
