For many people, buying a home can be an intimidating event. However, with some planning ahead of time, it isn't all that confusing.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send e-mail to JRyan@RyanRealEstateGroup.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to purchase a home
There are many things you should take into account before you look for a home.
You'll want to put together an outline of must-haves, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around a third of your monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent in Plano
This is where I can help.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Plano area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
I can also help you start the loan process.
I work with some of Plano's finest mortgage professionals, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After we meet, I'll start finding homes on the market that suit your needs.
I'll research most of the houses and exclude the duds, and then we'll set up appointments to tour the homes whenever it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Oftentimes, buyers update their must-have list as we view houses and some things become far more important than others.
If such is the case, I'll go back through all the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
An agent's understanding of the Plano housing market is a crucial element in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I can alert you to certain districts are "hot" and require immediate action and others that are "cool" and allow for cautiousness.
When we view houses, I'll let you know when the seller's asking price has room for bargaining and when I think the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions. Every REALTOR® will tell you they know the market.
If it appears they don't know everything, call me at 972-234-4099 or e-mail me at JRyan@RyanRealEstateGroup.com, and I'd be more than happy to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find the home of your dreams in Plano. When we do, I'll meticulously create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
Upon submitting your offer, you'll probably want to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property and is most often applied to the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer – it's very common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And at the end of the day, we'll create a contract that's best for you.
Step 7 – Get a loan
After we sign the final contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all, but you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your application.
This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your home. This should take place at a title company or escrow office and will most likely be a smooth and pleasant 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 972-234-4099 or send me an e-mail.
