Purchasing a home intimidates most people. However, with a little up-front planning, it isn't too hard. So you know exactly what to expect, we like to supply our buyers with a road map of the whole deal. The following are nine steps to purchasing a home...
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When you're ready to get started, simply contact us here or send an e-mail to Info@RiceLakeHomes.com. We're happy to address questions you have regarding this information. |
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Step 1 – Prepare to purchase
There are a lot of things you'll want to consider before starting your home search. You'll probably want to form a check list of features you want to have, get a feel for what school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment around a third of your monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent in Rice Lake
That's where we come in. We'd love to book 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 upcoming plans. We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Rice Lake area.
In addition, we'll help you start the loan process. There are some very good mortgage professionals in Rice Lake, and we work with a lot of them, so you're in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll begin searching for available homes on the market that are a great fit for you. I'll preview many of the homes and remove the duds, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
As we view the homes, we'll call attention to positive features and negative ones. We'll also ask you about things you like and dislike. It's pretty common for buyers to update their wish list as we view houses and some items become far more substantial than others. If that's the situation, we'll go back through the listings once again and trim it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Rice Lake home market is a crucial aspect in your house search. And we can assure you we're informed of all the school districts and neighborhoods, and we will let you know which neighborhoods are "hot" and demand immediate action and the ones that are "cold" and allow for careful examination.
When we view homes, we'll let you know if the asking price has room for bargaining or if we believe the home is "priced to sell." Every real estate agent will tell you they comprehend the housing market, but be wary, and make sure you ask your agent plenty of questions. If it appears they don't know everything, contact us at 736-7000 or e-mail me at Info@RiceLakeHomes.com, and we'd be glad to answer any questions you may have. Our market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
We're positive we'll find the home of your dreams in the Rice Lake area. When that happens, we'll carefully create your purchase offer. The offer will be tailored to suit your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
When we send in your offer, you'll probably want to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property. The amount is typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer – it's really common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Obtain a loan
Once the contract is finished, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take much time at all, but you'll need to keep in close contact with your lender. And we'll manage 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 your closing costs from your lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a precise range of accuracy. We'll analyze the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be smooth and comfortable.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just contact us at 736-7000 or send us an e-mail.
