Purchasing your home in Cleveland with Partnership Properties
Buying a home is an intimidating event for many people. However, with a little up-front planning, it's not too confusing.
So they understand exactly what they can expect, I like to give buyers an outline of the entire deal.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have about this information.
Step 1 – Prepare to purchase
There are many things you should do before beginning your home search.
It's likely that you'll want to make an index of must-haves, get an idea of what neighborhoods and school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent in Cleveland
This is where Partnership Properties comes in.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Cleveland area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some very good mortgage professionals in Cleveland, and I partner with a lot of them, 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
Following our initial meeting, I'll start looking for available homes on the market that meet your needs.
I'll preview many of the homes and remove the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we view the homes, I'll call attention to positive features and negative ones. I'll also ask you to point out what things you like and dislike.
Generally, buyers revise their must-have list as we view houses and some features become more substantial than others.
If that's the case, I'll look through all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Know the market
Your agent's knowledge of the Cleveland home market is a leading aspect in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll alert you to which districts are "hot" and demand immediate action and some that are "cold" and allow for more analysis.
When we tour houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be careful and be sure to ask lots of questions, as every REALTOR will tell you they know the housing market.
If things don't add up, call me at (662) 843-8850 or e-mail me at , and I'd be glad to answer any questions you might have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the house of your dreams in Cleveland. When that happens, I'll thoroughly develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When presenting your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property and is usually put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer – it's widely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
This won't take long at all if you're already pre-approved, but you'll need to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will most likely be a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at (662) 843-8850 or e-mail me at .