Buying a home is an intimidating event for many people, but with a little up-front planning, it's not very confusing.
So you understand exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
There are many things you need to contemplate before starting your home search.
When you begin your search, you'll want to put together an index of features you want, get a plan of what neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around a third of your monthly income is a good rule to follow.
Step 2 – Get with a real estate agent
This is where Jim Preston, Realtor can help.
I'd love to book a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Juneau area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some excellent mortgage professionals in Juneau, and I partner with a lot of them, so you're in great hands.
They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
Following our first meeting, I'll begin looking for houses on the market that are a good fit for you.
I'll research most of the homes and remove the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we view homes, I'll identify good features and negative ones. And I'll ask you about things you like and don't like.
Frequently, buyers update their wish list as we tour houses and some things become more crucial than others.
If that's the case, I'll search all the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Understand the market
My understanding of the Juneau home market is a valuable advantage in your search. I am informed of all the neighborhoods and schools, and I can communicate which districts are "hot" and demand immediate action and some that are "cold" and allow for careful consideration.
As we view homes, I'll make sure to communicate when the list price has room for bargaining and also when I think the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR® in Juneau will tell you they understand the home market.
If it seems like they don't know everything, just call me at 907 790-EXIT(3948) or e-mail me at jimprestonrealtor@gmail.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream house in Juneau. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are acquiring financing, finishing the inspection, and a clean title.
Upon turning in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property, and it's often put towards the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer – it's widely common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it won't take very long at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll look after 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 your closing costs from your lender within three days of receiving your application.
This estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 907 790-EXIT(3948) or send me an e-mail.
