With a little up-front planning, buying a home isn't all that confusing, but the event is intimidating for a lot of people.
So you know exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to larantes@yahoo.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are a lot of things you'll want to do before you look for a home.
When you start your search, you'll want to assemble a checklist of must-have features, get a feeling for what school districts and neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent in Jersey City
This is where Weichert Realtors® can help.
We can set up a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Jersey City area.
In addition, I'll help you begin the loan process.
There are some very good mortgage professionals in Jersey City, and I partner with a lot of them, so you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our first meeting, I'll start finding houses on the market that are good for you.
I'll research many of the homes and remove the duds, and then we'll book appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll show you the positive features and negative ones. I'll even ask you about things you like and dislike.
Most often, buyers update their list of must-haves as we view houses and some items become far more substantial than others.
If such is the case, I'll look through all the listings once again and trim it down to the house of your dreams.
Step 4 – Understand the market
My knowledge of the Jersey City housing market is a fundamental benefit in your house search. I am acquainted with all the neighborhoods and school districts, and I'll alert you to some areas are "hot" and warrant immediate action and others that are "cool" and allow for more examination.
When we view homes, I'll make sure to communicate when the seller's list price has room for negotiation and also when I think the house is "priced to sell."
Be on guard and make sure you ask your agent lots of questions, as any real estate agent in Jersey City will convince you they truly understand the home market.
If it seems like they don't know everything, contact me at (201) 333-7012 x 119 or e-mail me at larantes@yahoo.com, and I'd be glad to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the house of your dreams in Jersey City, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's typically applied to the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Get a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan.
It won't be a long process at all if you're pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often take place at a title company or escrow office and is often a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at (201) 333-7012 x 119 or send me an e-mail.
