Looking to purchase your new home in Bay Shore? Meg Smith and Associates Real Estate can help.
Purchasing a home is a stressful event for most people. However, with a bit of up-front planning, it's not too complex.
I like to give buyers an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to buying a home.
If you have any questions about this information or if you're prepared to get started, simply contact me here or send e-mail to email@example.com
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are plenty of things you need to contemplate.
It's likely that you'll want to create a checklist of features you need, plan for what neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or around a third of your net monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent
This is where Meg Smith and Associates Real Estate can help.
I'd be happy to book a time to get together with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Bay Shore area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
Meg Smith and Associates Real Estate works with some of the best mortgage professionals in Bay Shore, so you can rest assured that you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our initial meeting, I'll begin searching for available houses on the market that are good for you.
I'll preview most of the homes and throw out the duds, and then we'll set up appointments to view the houses when it's most convenient for you.
As we view the houses, I'll point out good features and bad ones. I'll even ask you what things you like and dislike.
It's widely common for buyers to change their must-have list as we tour houses and some features become far more crucial 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 waiting for.
Step 4 – Get a feel for the housing market
My understanding of the Bay Shore market is a valuable asset in your search. I'm familiar with all the neighborhoods and schools, and I'll let you know certain districts are "hot" and demand prompt action and the ones that are "cold" and allow for careful analysis.
As we view homes, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
Any REALTOR® will convince you they comprehend the housing market, but be careful, and be sure to ask your agent a lot of questions.
If things don't add up, contact me at (516) 578-7153 or e-mail me at firstname.lastname@example.org, and I'll be happy to answer your questions. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in Bay Shore. When we do, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as getting financing, completing the inspection, and a clear title.
When we send in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the initial offer. It's extremely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure financing
Upon signing the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all. But you'll want to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a precise range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at (516) 578-7153 or send me an e-mail.