Are you looking to buy a new home in Englewood? Coldwell Banker Residential Brokerage can help.
Purchasing a home is stressful for most people, but it's not too complex with a bit of up-front planning.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These 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 several things you need to contemplate.
You'll most likely want to create a check list of items you need, get a feel for what neighborhoods and school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good guideline to follow.
Step 2 – Communicate with a real estate agent in Englewood
This is where Coldwell Banker Residential Brokerage comes in.
We'll set up 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 the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Englewood area.
I'll also help you start the loan process.
There are some very good mortgage professionals in Englewood, and I partner with a lot of them, so you're in great hands.
They will assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a home
After we meet, I'll start finding available homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and eliminate the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we tour homes, I'll point out good features and negative ones. I'll even ask you what things you like and dislike.
It's widely common for buyers to amend their list of must-haves as we tour homes and some features become more important than others.
If that's the situation, I'll look through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Comprehend the market
An agent's knowledge of the Englewood home market is an essential aspect in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I can alert you to which districts are "hot" and require prompt action and others that are "cold" and allow for careful examination.
As we tour houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any REALTOR in Englewood will convince you they truly understand the housing market.
If things don't add up, just call me at 3038431545 or e-mail me at , and I'll be more than happy to answer your questions. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been waiting for
I know we'll find your dream home in Englewood. When we do, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
When we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is usually put towards the closing costs. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer – it's pretty common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Obtain financing
After the deal is signed, you'll begin working with your mortgage lender to close the loan.
It shouldn't be a long process at all if you're pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 3038431545 or e-mail me at .