Buying a home intimidates many people, but it's not all that complex with a little planning ahead of time. I like to provide buyers with an outline of the entire deal so they understand exactly what to expect. These are my nine steps to purchasing a home.
Step 1 – Get ready to buy
There are several things you need to do prior to commencing your home search. When you start your search, you'll want to create a list of items you need to have, get a plan of what school districts you want to live in, and start planning around your budget. Keeping your mortgage payment less than 30 percent of your monthly income is a good principle to go by.
Step 2 – Contact a real estate agent
This is where I can help. We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss neighborhoods, school districts in the Reston area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
I can also assist you in getting started on your loan. Coldwell Banker Residential Brokerage works with some of the best mortgage professionals in Reston, so you're in great hands. They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll begin finding available houses on the market that are good for you. I'll preview many of the homes and remove the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we tour homes, I'll point out good features and bad ones. I'll also ask you to tell us about things you like and dislike. It's widely common for buyers to change their must-have list as we tour homes and some things become more important than others. If such is the case, I'll go back through all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's understanding of the Reston market is an imperative aspect in your house search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I'll let you know certain districts are "hot" and demand immediate action and some that are "cool" and allow for more analysis.
As we view homes, I'll be sure to tell you when the list price has room for negotiation and also when I know the house is "priced to sell." Be mindful and be sure to ask your agent plenty of questions, as any real estate agent will tell you they truly understand the market. If things don't add up, call me at (571) 435-8037 or e-mail me at David@BuyorSellTime.com, and I'll be more than happy to answer any questions you have. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in Reston. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon turning in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer. It's extremely common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Obtain a loan
Once the deal is finalized, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, this won't take long at all. But you'll want to stay in close contact with your lender. And I'll manage 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 receiving your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of receiving your loan application. This estimate depends on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most likely occur at a title company or escrow office and will probably be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at (703) 220-0406 or send me an e-mail.
