For most people, purchasing a home can be an intimidating event. But with a little up-front planning, it isn't all that hard.
So you'll understand exactly what to expect, I like to furnish my buyers with an overview of the whole deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are many things you need to consider before you start looking for a home.
When you begin your search, you'll want to put together an index of features you need, get a feeling for what neighborhoods you want to live in, and start working on your budget.
A good rule to follow is that your mortgage payment should be close to 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent in Branson
This is where I can help.
I'd be happy to book a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Branson area.
I'll also help you get started on your loan.
There are some great mortgage professionals in Branson, and I partner with a lot of them, so you'll be in great hands.
They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking
Following our first meeting, I'll start searching for available houses on the market that meet your needs.
I'll research most of the homes and exclude the bad ones, and then we'll book appointments to view the homes when it's most convenient for you.
As we tour houses, I'll show you the positive features, as well as negative ones. I'll even ask you to tell us about things you like and dislike.
Frequently, buyers revise their must-have list as we view homes and some things become more important than others.
If that happens, I'll go back through the listings again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
An agent's knowledge of the Branson market is a fundamental element in your house search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll communicate some districts are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
When we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I think the house is "priced to sell."
Any real estate agent will convince you they know the home market, but take notice, and be sure to ask a lot of questions.
If it doesn't seem like they know everything, contact me at (417) 335-5950 or e-mail me at srawlings@bransonhomesearch.com, and I'd be glad to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in the Branson area, and when we do, I'll meticulously create your home purchase offer. The offer will be made 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 we turn in your offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property and is most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain a loan
Once the contract is complete, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't take long at all. But you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your loan application.
This estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and fall within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then we'll close on your house. This should take place at a title company or escrow office and is often a smooth and pleasant event.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at (417) 335-5950 or send me an e-mail.
