Buying or selling a home? Eau Claire Realty, Inc. can help.Buying a home intimidates most people. However, with some up-front planning, it's not that complicated. So you understand exactly what to expect, I like to provide my buyers with an overview of the whole deal. Here are my nine steps to purchasing a home.
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Step 1 – Get ready to purchase
There are plenty of things you should take into account prior to starting your home search. When you start your search, you'll probably want to form an index of must-haves, get an idea of what school districts you want to live in, and start planning around your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good guideline to go by.
Step 2 – Talk to a real estate agent
This is where Eau Claire Realty, Inc. comes in. I'd love to set up a time to meet with you and communicate with you about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, schools in the Eau Claire area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you with getting started on your loan. There are some excellent mortgage professionals in Eau Claire, and I work with a lot of them, so you're in great hands. They will assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
After our first meeting, I'll begin looking for available houses on the market that are good for you. I'll preview most of the homes and exclude the duds, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we tour the homes, I'll identify good features, as well as negative ones. I'll also ask you to talk about things you like and dislike. It's common for buyers to amend their wish list as we view homes and some items become more important than others. If that's the situation, I'll search the listings again and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
Your agent's understanding of the Eau Claire market is a fundamental aspect in your home search. And I assure you I'm conscious of all the neighborhoods and school districts, and I will alert you to certain neighborhoods are "hot" and call for prompt action and the ones that are "cool" and allow for thoughtful examination.
As we tour homes, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell." Trust your instincts and make sure you ask your agent lots of questions, as every REALTOR® will convince you they truly understand the housing market. If it appears they don't know everything, call me at 715-552-1818 or e-mail me at email@example.com, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the house of your dreams
I know we'll find the house of your dreams in Eau Claire. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, completing the home inspection, and a clean title.
Upon submitting your purchase offer, you'll likely need to present "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. In addition, we'll work within your financing limits. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain financing
Upon signing the contract, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, this shouldn't be a long process at all, but you should to keep in close contact with your lender. And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your application. The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 715-456-5261 or send me an e-mail.