Are you contemplating buying a new home in Woodbury? Dan McNellis can help.
Buying a home is intimidating for a lot of people, but with a bit of planning ahead of time, it isn't very hard.
I like to supply buyers with an outline of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
Step 1 – Prepare to purchase
There are several things you need to consider before starting your home search.
You'll most likely want to assemble a checklist of features you need to have, get an idea of what neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent
This is where Dan McNellis can help.
I can set up a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Woodbury area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some great mortgage professionals in Woodbury, and I partner with a lot of them, so you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll start finding homes on the market that are good for you.
I'll research most of the houses and remove the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we view the houses, I'll call attention to good features, as well as negative ones. I'll even ask you to tell me about things you like and don't like.
It's common for buyers to amend their list of must-haves as we tour houses and some things become far more important than others.
If that's the case, I'll look through all the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
Your agent's awareness of the Woodbury housing market is an imperative agent in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I will let you know what areas are "hot" and warrant immediate action and the others that are "cool" and allow for careful analysis.
As we view houses, I'll be sure to tell you when the list price has room for bargaining and also when I think the home is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions. Every real estate agent in Woodbury will convince you they truly know the housing market.
If it doesn't seem like they know everything, contact me at 651-373-0938 or e-mail me at Dan@EarthStoneRealty.com, and I'd be happy to answer your questions. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams in Woodbury, and when we do, I'll precisely develop your purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property. The amount is most often applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the first offer. It's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure 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've been pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most likely be a smooth and easygoing event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 651-373-0938 or send me an e-mail.