With a little up-front planning, purchasing a home isn't that hard, but the event intimidates many people.
I like to provide buyers with a road map of the whole deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
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Should you have questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at samjones@thesandersgroup.net.
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Step 1 – Prepare to purchase a home
Before you start your home search, there are many things you'll want to do.
When you begin your search, you'll want to form a list of items you want to have, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget.
A good guideline to go by is that your mortgage payment should be no more than a third of your monthly income.
Step 2 – Communicate with a real estate agent in Indianapolis
This is where The Sanders Group Realty, LLC comes in.
We can plan a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Indianapolis area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some excellent mortgage professionals in Indianapolis, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll start looking for available houses on the market that are great for you.
I'll preview many of the houses and remove the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
As we tour houses, I'll show you the positive features and negative ones. I'll also ask you about things you like and dislike.
It's common for buyers to amend their must-have list as we tour homes and some items become far more substantial than others.
If such is the case, I'll look through all the listings once more and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
Your agent's understanding of the Indianapolis housing market is a crucial agent in your home search. And I can assure you I'm mindful of all the neighborhoods and schools, and I'll alert you to what neighborhoods are "hot" and require immediate action and others that are "cold" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you when the asking price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as every REALTOR® will tell you they truly know the housing market.
If it appears they don't know everything, just call me at (317)337-9839 or e-mail me at samjones@thesandersgroup.net, and I'd be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream home in the Indianapolis area, and when that happens, I'll meticulously develop your real estate purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property and is most often put towards the closing costs. If the offer is accepted, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer. It's pretty common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get your loan
After the deal is signed, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application.
This estimate is formed from 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 adequate.
Then it's time to close on your house. This will probably take place at a title company or escrow office and is often a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at (317)337-9839 or send me an e-mail.
