Buying a home is an intimidating event for a lot of people, but it isn't that hard with a bit of up-front planning.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at shervalue@gci.net.
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Step 1 – Get ready to buy
There are many things you'll want to consider prior to commencing your home search.
You'll want to form an outline of items you need to have, get a feeling for what neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Contact a real estate agent
This is where Value Realty Team comes in.
I'd like to arrange a time to meet with you and speak with you about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the Anchorage area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
I work with some of the finest mortgage professionals in Anchorage, so you're in great hands.
They will assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start looking
Following our initial meeting, I'll begin searching for homes on the market that are good for you.
I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you to tell us about things you like and don't like.
It's pretty common for buyers to revise their list of must-haves as we view houses and some items become more essential than others.
If that's the situation, I'll search the listings again and narrow it down to the house of your dreams.
Step 4 – Get a feel for the housing market
My knowledge of the Anchorage home market is a valuable asset in your search. I am conscious of all the school districts and neighborhoods, and I will let you know which districts are "hot" and require prompt action and some that are "cool" and allow for thoughtful analysis.
As we tour homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as every real estate agent in Anchorage will convince you they know the housing market.
If things don't add up, call me at (907) 334-VALU (8258) or e-mail me at shervalue@gci.net, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I know we'll find the house of your dreams in the Anchorage area, and when that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When submitting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is often applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer. It's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain a loan
Once the deal is complete, you'll begin working with your lender to close the loan.
If you've been pre-approved, this won't take very long at all, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your loan application.
The estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your house. This should happen at a title company or escrow office and will probably be a smooth and calm occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to contact me at (907) 334-VALU (8258) or send me an e-mail.