Buying a home is intimidating for many people, but with some planning ahead of time, it's not all that complex.
So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal.
Here are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you begin looking for a home, there are many things you should take into account.
You'll want to assemble a list of must-haves, get a feeling for what school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in Virginia Beach
This is where I can help.
I'd be happy to plan a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Virginia Beach area.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Virginia Beach, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a home
After we meet, I'll begin finding homes on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and ignore the duds, and then we'll book appointments to view the homes when it's convenient for you.
As we tour the homes, I'll identify positive features and bad ones. And I'll ask you about things you like and don't like.
As a rule, buyers revise their must-have list as we tour houses and some things become far more crucial than others.
If that happens, I'll go back through all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Know the market
An agent's understanding of the Virginia Beach home market is a leading aspect in your house search. And I can assure you I'm mindful of all the school districts and neighborhoods, and I can communicate some neighborhoods are "hot" and call for prompt action and others that are "cold" and allow for careful examination.
As we tour homes, I'll let you know when the asking price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions. Any real estate agent will claim to understand the market.
If it seems like they don't know everything, contact me at 757-671-3343 or e-mail me at Pmangum@roseandwomble.com, and I'll be more than happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream home
I'm certain we'll find the house of your dreams in the Virginia Beach area. When that happens, I'll precisely develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we turn in your offer, you'll likely need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's typically applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Get financing
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, it won't be a long process at all, but you should 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 mortgage lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will most likely be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 757-671-3343 or send me an e-mail.
