Buying or selling a home in Cleveland?
Buying a home is stressful for a lot of people, but with a little up-front planning, it's not that complicated.
So they know exactly what to expect, I will supply buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
Should you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you need to do before commencing your home search.
When you start your search, you'll probably want to put together a list of must-haves, plan for what school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent
This is where Partnership Properties can help.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Cleveland area, the mortgage and housing industries, and any additional economic factors that may potentially affect your purchase today or in the future.
I can also assist you in getting started on your loan.
Partnership Properties works with some of the best mortgage professionals in Cleveland, 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 approved.
Step 3 – Start your search
After we meet, I'll begin looking for houses on the market that meet your needs.
I'll preview many of the houses and throw out the duds, and then we'll schedule appointments to view the houses when it's convenient for you.
When we tour the houses, I'll identify positive features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
It's widely common for buyers to change their wish list as we view homes and some items become far more crucial than others.
If that happens, I'll search all the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Understand the housing market
My knowledge of the Cleveland home market is a crucial aspect in your house search. I am mindful of all the schools and neighborhoods, and I'll alert you to some areas are "hot" and warrant prompt action and some that are "cool" and allow for thoughtful consideration.
When 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."
Be mindful and be sure to ask your agent plenty of questions, as any REALTOR in Cleveland will convince you they comprehend the market.
If it doesn't seem like they know everything, call me at (662) 843-8850 or e-mail me at , and I'd be more than happy to answer your questions. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the house of your dreams in the Cleveland area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
Upon turning in your offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to agree to 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 contract.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
This shouldn't take much time at all if you're already pre-qualified, but you need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of receiving your application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, make sure you contact me at (662) 843-8850 or e-mail me at .