Buying or selling a home in Cleveland?
Purchasing a home is a stressful event for many people. However, with a bit of planning ahead of time, it isn't very hard.
So they know exactly what to expect, I like to supply buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
If you have any questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
Before you start looking for a home, there are plenty of things you need to contemplate.
When you begin your search, you'll probably want to make an outline of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin working on your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd be more than happy to plan 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 additional economic factors that may affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
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 assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking
After we meet for the first time, I'll start searching for houses on the market that are great for you.
I'll preview many of the homes and exclude the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view homes, I'll call attention to positive features and bad ones. I'll even ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their must-have list as we tour houses and some things become more crucial than others.
If that happens, I'll look through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Know the market
Your agent's understanding of the Cleveland home market is an essential factor in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I can let you know which neighborhoods are "hot" and call for prompt action and others that are "cool" and allow for more examination.
As we tour homes, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions, as any REALTOR will tell you they truly understand the housing market.
If it seems like they don't know everything, contact me at (662) 843-8850 or e-mail me at , and I'd be happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
We'll find your dream house in Cleveland, and when we do, I'll thoroughly develop your purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
Upon submitting your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is usually put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Secure a loan
Once the contract is finalized, you'll start working with your mortgage lender to close the loan.
It won't be a long process at all if you're already pre-approved, but you should to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, simply contact me at (662) 843-8850 or e-mail me at .