Purchasing your new home in Cleveland
Buying a home is a stressful event for many people, but it's not all that complex with some planning ahead of time.
So they know exactly what to expect, I'll provide buyers with a road map of the entire deal.
These 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 happy to address questions you have about this information.
Step 1 – Prepare to purchase a home
There are several things you need to take into account before starting your home search.
You'll most likely want to assemble an index of must-have features, get a feeling for what school districts you want to live in, and start planning your budget.
A good principle to follow is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Get in touch with a real estate agent in Cleveland
This is where I can help.
I'd be happy to set up a time to get together with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Cleveland area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I work with some of the best mortgage professionals in Cleveland, so you'll be in great hands.
They can assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll start finding available homes on the market that best suit you.
I'll preview many of the houses and reject the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we view homes, I'll show you the positive features, as well as negative ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to amend their must-have list as we tour houses and some items become far more substantial than others.
If such is the case, I'll search the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Understand the housing market
My awareness of the Cleveland housing market is a fundamental component in your home search. I'm acquainted with all the school districts and neighborhoods, and I'll alert you to which districts are "hot" and require immediate action and some that are "cool" and allow for careful analysis.
As we tour homes, I'll be sure to tell you when the list price has room for bargaining and also when I trust the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions, as every real estate agent will tell you they truly know the housing market.
If it doesn't seem like they know everything, contact me at (662) 843-8850 or e-mail me at , and I'd be glad 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 the home of your dreams
I'm sure we'll find your dream home in the Cleveland area. When we do, I'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as getting financing, finishing the home inspection, and a clear title.
Upon turning in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
After the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this shouldn't take long at all. However, you'll want to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) outlining closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of taking your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This should occur at a title company or escrow office and is often a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call me at (662) 843-8850 or e-mail me at .