Buying a new home in Cleveland with Partnership Properties
Buying a home is intimidating for many people, but with some up-front planning, it isn't all that complicated.
So they'll know exactly what they can expect, I'll supply buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Get ready to purchase a home
Before you commence your home search, there are many things you need to take into account.
You'll most likely want to create a check list of items you need, plan for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than 1/3 of your monthly income is a good rule to follow.
Step 2 – Communicate with a real estate agent
This is where I can help.
I'd be happy to schedule a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Cleveland area, the mortgage industry, and any other economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
I partner with some of Cleveland's finest mortgage professionals, so you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our first meeting, I'll start looking for homes on the market that suit your needs.
I'll preview many of the houses and throw out the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
When we view homes, I'll show you the good features and negative ones. I'll also ask you to point out what things you like and dislike.
Generally, buyers change their must-have list as we view houses and some things become more necessary than others.
If that's the situation, I'll go back through the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's awareness of the Cleveland market is a leading aspect in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I will let you know certain districts are "hot" and warrant immediate action and the ones that are "cool" and allow for more examination.
As we view homes, I'll let you know when the list price has room for bargaining and also when I think the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Every REALTOR will convince you they know the market.
If it appears they don't know everything, just call me at (662) 843-8850 or e-mail me at , and I'd be happy to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I'm sure we'll find the home of your dreams in the Cleveland area. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies. A few examples are acquiring financing, finishing the inspection, and a clean title.
When sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property, and it's most often applied to the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer. It's pretty common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that works well for you.
Step 7 – Get a loan
Once the contract is signed, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't be a long process at all. However, you need to stay 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 provide you with a Loan Estimate (LE) of your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then we'll close on your home. This will probably happen at a title company or escrow office and will likely be a smooth and peaceful occasion.
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, just contact me at (662) 843-8850 or e-mail me at .