Looking to buy a new home in Rice Lake? RE/MAX Advantage can help.
Buying a home is an intimidating event for most people, but it's not very complicated with a little planning ahead of time.
So they'll understand exactly what to expect, I like to provide buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
If you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
Before you begin looking for a home, there are plenty of things you'll want to take into account.
When you start your search, you'll probably want to form a list of items you want to have, get a feeling for what neighborhoods and school districts you want to live in, and begin working on your budget.
A good principle to adhere to is that your mortgage payment should be a third of your monthly income.
Step 2 – Talk to a real estate agent in Rice Lake
This is where RE/MAX Advantage comes in.
I'd be happy to plan a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Rice Lake area, the mortgage and housing industries, and any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in Rice Lake, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
Following our first meeting, I'll begin searching for available homes on the market that are great for you.
I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
As we tour houses, I'll call attention to good features, as well as negative ones. I'll also ask you about things you like and don't like.
It's common for buyers to change their list of must-haves as we view homes and some things become more substantial than others.
If that happens, I'll go back through all the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Comprehend the housing market
An agent's knowledge of the Rice Lake market is an essential aspect in your house search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I will communicate what districts are "hot" and call for prompt action and the ones that are "cold" and allow for more examination.
As we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions. Every REALTOR will claim to understand the market.
If it seems like they don't know everything, call me at (715) 736-7000 or e-mail me at , and I'd be happy to answer any questions you have. My market expertise will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream house in the Rice Lake area. When that happens, I'll meticulously develop your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, finishing the inspection, and a clean title.
Upon presenting your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is often put towards the closing costs. If the seller accepts the offer, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's very common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your budget. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Obtain a loan
After the deal is finished, you'll start working with your lender to close the loan.
It shouldn'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 manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if it all looks okay.
Then we'll close on your house. This should occur at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (715) 736-7000 or e-mail me at .