Let Partnership Properties help you with buying a new home in Cleveland
Purchasing a home is a stressful event for most people, but it's not very complicated with some planning ahead of time.
So they know exactly what they can expect, I like to provide buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
If you have questions about this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you begin looking for a home, there are several things you should take into account.
You'll want to make a check list of features you need to have, get an idea of what neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Cleveland
This is where I can help.
I'd be more than happy to arrange a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Cleveland area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Cleveland, and I partner with a lot of them, so you'll be in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
Following our initial meeting, I'll begin finding available houses on the market that are great for you.
I'll research many of the houses and remove the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll point out good features, as well as bad ones. I'll also ask you what things you like and dislike.
It's pretty common for buyers to amend their must-have list as we view houses and some things become far more necessary than others.
If such is the case, I'll look through the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My awareness of the Cleveland home market is a crucial factor in your house search. I'm mindful of all the schools and neighborhoods, and I will let you know which districts are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
When we view homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as any real estate agent will claim to know the home market.
If things don't add up, call me at (662) 843-8850 or e-mail me at , and I'll be more than happy to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the Cleveland area. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies, such as getting financing, finishing the inspection, and a clear title.
When submitting your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property, and it's most often applied to the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a part in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
After the deal is finished, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're pre-approved, but you need to stay in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) detailing closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy. I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at (662) 843-8850 or e-mail me at .