Are you contemplating buying your home in Cleveland?
Purchasing a home intimidates a lot of people, but with a little planning ahead of time, it isn't all that complicated.
So they know exactly what to expect, I'll give buyers an overview of the whole deal.
Below 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 answer questions you have about this information.
Step 1 – Prepare to purchase a home
There are plenty of things you need to consider before commencing your home search.
When you start your search, you'll probably want to assemble a list of items you want, get a plan of what school districts and neighborhoods you'd like 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 adhere to.
Step 2 – Speak with a real estate agent in Cleveland
This is where Partnership Properties comes in.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Cleveland area.
I can also help you get started on your loan.
I work with some of Cleveland's finest mortgage professionals, so you'll be in great hands.
They'll assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll start looking for available homes on the market that are a great fit for you.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we view the homes, I'll show you the positive features and bad ones. And I'll ask you to talk about things you like and don't like.
Frequently, buyers change their list of must-haves as we tour homes and some features become far more important than others.
If that's the situation, I'll look through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Comprehend the housing market
An agent's awareness of the Cleveland home market is an essential component in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I'll communicate some neighborhoods are "hot" and warrant prompt action and others that are "cold" and allow for careful analysis.
As we view houses, I'll let you know when the seller's list price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Every real estate agent in Cleveland will claim to truly know the housing market.
If it doesn't seem like they know everything, just call me at (662) 843-8850 or e-mail me at , and I'll be glad 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 the home of your dreams
We'll find the house of your dreams in Cleveland, and when that happens, I'll thoroughly develop your purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When presenting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Obtain your loan
After the contract is finalized, you'll start working with your lender to close the loan.
This won't be a long process at all if you're pre-qualified, but you'll need to stay in close contact with your lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of getting your application.
This estimate depends on the loan amount, and RESPA requirements require 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 it all looks permissible.
Then we'll close on your home. This should take place at a title company or escrow office and will likely be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (662) 843-8850 or e-mail me at .