Purchasing a home is intimidating for most people, but it's not very hard with some planning ahead of time.
I like to give buyers an overview of the entire deal so they know exactly what to expect.
Below are my nine steps to buying a home.
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If you have any questions about any of this information or if you're ready to get started, just contact me here or e-mail me at brattonrealestate@charter.net.
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Step 1 – Get ready to buy a home
There are plenty of things you should do before you start looking for a home.
You'll probably want to create an outline of features you want to have, get a plan of what neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Communicate with a real estate agent in Ft. Worth
This is where I can help.
I'd be more than happy to schedule a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Ft. Worth area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan.
I work with some of Ft. Worth's best mortgage professionals, so you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a house
After we meet, I'll begin looking for homes on the market that best suit you.
I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
When we view homes, I'll call attention to good features and bad ones. And I'll ask you to talk about things you like and don't like.
As a rule, buyers change their must-have list as we view houses and some features become far more necessary than others.
If that's the situation, I'll go back through the listings one more time and trim it down to the home of your dreams.
Step 4 – Get a grasp of the market
My understanding of the Ft. Worth housing market is a necessary resource in your house search. I am acquainted with all the neighborhoods and schools, and I will communicate some neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for careful consideration.
When we tour houses, I'll be sure to tell you when the seller's list price has room for bargaining and also when I believe the home is "priced to sell."
Be careful and make sure you ask your agent plenty of questions, as any REALTOR® will tell you they truly understand the housing market.
If things don't add up, just call me at 817-238-1666 or e-mail me at brattonrealestate@charter.net, and I'll be happy to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find your dream house in the Ft. Worth area. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When turning in your offer, most likely you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer. It's widely common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Obtain financing
Once we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't take much time at all. However, you need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.
Step 8 – Close the deal
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 is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your home. This should happen at a title company or escrow office and will likely be a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 817-238-1666 or send me an e-mail.
