Buying a home can be stressful for most people, but with some up-front planning, it's not that complicated.
So you know exactly what to expect, I like to supply my buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are several things you need to consider before you start searching for a home.
You'll want to create an index of items you need, get a plan of what neighborhoods you want to live in, and begin working on your budget.
A good principle to go by is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Speak with a real estate agent in Jacksonville
This is where I can help.
I'd like to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Jacksonville area, the mortgage and housing industries, and any additional economic factors that could potentially affect your purchase today or in the future.
I can also help you begin the loan process.
There are some very good mortgage professionals in Jacksonville, and I partner with a lot of them, so you'll be in great hands.
They will assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll start looking for homes on the market that meet your needs.
I'll research many of the houses and remove the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we tour the houses, I'll call attention to good features, as well as negative ones. I'll even ask you what things you like and dislike.
Frequently, buyers change their must-have list as we tour houses and some items become far more essential than others.
If that's the situation, I'll look through the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
My understanding of the Jacksonville home market is an indispensable benefit in your search. I am acquainted with all the school districts and neighborhoods, and I will alert you to which districts are "hot" and demand prompt action and others that are "cool" and allow for careful analysis.
When we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions. Any REALTOR® will tell you they truly understand the home market.
If it doesn't seem like they know everything, contact me at 904.866.9117 or e-mail me at JoeDaniels@residentialvaluationgroup.com, and I'd be happy to answer any questions you might have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream house
We'll find your dream house in the Jacksonville area, and when that happens, I'll precisely develop your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When sending in your purchase offer, you'll probably want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property. The amount is most often applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll talk over 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 deal depends on market conditions.
We'll also work within your financing budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take very long at all, but you'll want to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your house. This should happen at a title company or escrow office and will likely be a smooth and calm affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 904.866.9117 or send me an e-mail.
