Buying a home in Cleveland
Buying a home is a stressful event for a lot of people, but it isn't that hard with a bit of up-front planning.
So they'll understand exactly what they can expect, I will give buyers an overview of the whole deal.
Below are my nine steps to buying a home.
If you have questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy
There are plenty of things you'll want to do prior to starting your home search.
It's likely that you'll want to put together a check list of must-have features, get a plan of what neighborhoods and school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent
This is where Partnership Properties comes in.
I'd like to book a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Cleveland area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
I'll also help you get started on your loan.
Partnership Properties partners with some of Cleveland's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
Following our initial meeting, I'll begin finding houses on the market that best suit you.
I'll preview most of the homes and ignore the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour houses, I'll identify good features, as well as bad ones. And I'll ask you about things you like and dislike.
Generally, buyers update their list of must-haves as we view houses and some things become far more necessary than others.
If that's the situation, I'll go back through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's understanding of the Cleveland market is a fundamental component in your home search. And I can assure you I'm familiar with all the neighborhoods and schools, and I can alert you to which areas are "hot" and demand prompt action and others that are "cool" and allow for more examination.
When we view homes, I'll let you know if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Any real estate agent will tell you they understand the market, but be careful, and be sure to ask your agent lots of questions.
If it appears they don't know everything, just call me at (662) 843-8850 or e-mail me at , and I'll be more than happy to answer any questions you may have. My knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm positive we'll find the house of your dreams in the Cleveland area. When we do, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies, such as getting financing, finishing the inspection, and a clean title.
Upon sending in your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is often put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer, and it's pretty common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Get your loan
Once the contract is finalized, you'll begin working with your lender to close the loan.
If you've been pre-approved, it won't take much time at all. However, you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need 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 taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will likely be a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at (662) 843-8850 or e-mail me at .