Buying your home in Rice Lake
Purchasing a home is an intimidating event for most people, but it's not all that confusing with a bit of up-front planning.
So they know exactly what to expect, I'll provide buyers with an outline of the whole deal.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address any questions you have about this information.
Step 1 – Prepare to buy a home
There are many things you need to take into account before you start searching for a home.
When you start your search, you'll probably want to put together a list of items you need, get an idea of what neighborhoods and school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Connect with a real estate agent
That's where I can help.
We can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Rice Lake area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you start the loan process.
RE/MAX Advantage partners with some of the finest mortgage professionals in Rice Lake, so you'll be in great hands.
They can assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll start looking for houses on the market that are good for you.
I'll research most of the houses and throw out the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour houses, I'll identify good features, as well as bad ones. And I'll ask you to talk about things you like and don't like.
It's pretty common for buyers to revise their must-have list as we tour homes and some things become far more essential than others.
If that happens, I'll go back through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Know the market
My awareness of the Rice Lake home market is an imperative agent in your house search. I am informed of all the schools and neighborhoods, and I will communicate what areas are "hot" and warrant prompt action and some that are "cool" and allow for more analysis.
When we view homes, I'll let you know when the seller's asking price has room for bargaining and also when I think the home is "priced to sell."
Every REALTOR will tell you they comprehend the housing market, but be wary, and make sure you ask a lot of questions.
If it seems like they don't know everything, just call me at (715) 736-7000 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find the house of your dreams in the Rice Lake area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When turning in your offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is usually put towards the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your budget. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Get financing
After we sign the final sales contract, you'll start working with your lender to close the loan.
It won't be a long process at all if you're pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) outlining your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of getting your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will most likely be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (715) 736-7000 or e-mail me at .