Buying a home can be stressful for many people, but it's not that complex with a little planning ahead of time.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to shervalue@gci.net. I'm glad to address questions you have about this information.
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Step 1 – Prepare to buy
Prior to beginning your home search, there are a lot of things you'll want to do.
You'll probably want to form a list of features you need to have, get a feel for what neighborhoods you want to live in, and start working on your budget.
A good rule of thumb to go by is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Anchorage
That's where I can help.
We can arrange 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 may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Anchorage area.
I can also help you begin the loan process.
There are some excellent mortgage professionals in Anchorage, and I partner with a lot of them, so you'll be in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin searching for available houses on the market that are good for you.
I'll get a sneak peek of many of the homes and ignore the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view the homes, I'll identify good features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
Oftentimes, buyers update their must-have list as we tour houses and some features become more substantial than others.
If that's the case, I'll go back through the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's understanding of the Anchorage housing market is a necessary agent in your home search. And I assure you I'm familiar with all the schools and neighborhoods, and I can let you know certain districts are "hot" and call for prompt action and the ones that are "cool" and allow for cautiousness.
As we view houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as every real estate agent will claim to understand the home market.
If it doesn't seem like they know everything, just call me at (907) 334-VALU (8258) or e-mail me at shervalue@gci.net, and I'll be happy to answer your questions. My knowledge of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream house in Anchorage. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as acquiring financing, completing the inspection, and a clear title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is most often put towards the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's widely common to receive a counter offer. But don't let it discourage you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Obtain a loan
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't be a long process at all. But you should to keep in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if it all looks good.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will likely be a smooth and hassle-free event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at (907) 334-VALU (8258) or send me an e-mail.