With some up-front planning, buying a home isn't all that hard, but the event can be stressful for many people. We like to furnish buyers with a road map of the entire deal so they understand exactly what to expect. These are my nine steps to buying a home.
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When you're ready to get started, simply contact us here or send e-mail to porta@cbporta.com. We're glad to address any questions you have about this information. |
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Step 1 – Get ready to purchase
There are plenty of things you should do before you start looking for a home. It's likely that you'll want to put together a list of items you want to have, get a feel for what neighborhoods and school districts you want to live in, and start planning around your budget. A good rule to go by is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where Coldwell Banker Island, Realtors can help. We'd like to book a time to get together with you and communicate with you regarding your real estate needs and get an idea of your future plans. We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Port Aransas area.
In addition, We'll assist you with getting started on your loan. We partner with some of the finest mortgage professionals in Port Aransas, so you're in great hands. They will assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
After our first meeting, We'll start finding available homes on the market that meet your needs. We'll research most of the houses and eliminate the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we tour the homes, We'll identify good features and negative ones. We'll also ask you to tell us about things you like and dislike. Oftentimes, buyers change their must-have list as we tour houses and some things become far more necessary than others. If that happens, We'll go back through all the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a feel for the housing market
Our knowledge of the Port Aransas market is a crucial asset in your house search. We're familiar with all the neighborhoods and school districts, and We'll alert you to some neighborhoods are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful analysis.
When we tour homes, We'll let you know if the seller's list price has room for negotiation or if we believe the home is "priced to sell." When working with an agent, be careful and be sure to ask a lot of questions. Any real estate agent in Port Aransas will claim to know the market. If things don't add up, contact us at 361-749-6000 or e-mail us at porta@cbporta.com , and we'd be more than happy to answer any questions you might have. Our market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find your dream home
We'll find your dream home in Port Aransas, and when we do, we'll carefully create your purchase offer. The offer will be made with your needs in mind. Whenever necessary, we 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 likely need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is often put towards the cost of closing. If the seller accepts your offer, we should close on the property within 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 first offer. It's really common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to take 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 market circumstances. In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan. If you've been pre-approved, it shouldn't be a long process at all. But you need to keep in close contact with your mortgage lender. And we'll take care of 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) outlining your closing costs from your mortgage lender within three days of getting your application. The estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. we'll go over the estimate and let you know if everything looks all right.
Then we'll close on your house. This will likely happen at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call us at 361-749-6000 or send me an e-mail.
