Contemplating purchasing a new home in Milton?
For a lot of people, buying a home can be an intimidating event. However, with some up-front planning, it isn't that complex.
So they'll know exactly what to expect, I'll give buyers an outline of the whole deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are many things you'll want to do before commencing your home search.
You'll want to create a list of items you want, get a feel for what school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent
This is where I come in.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Milton area.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Milton, and I work with a lot of them, so you're in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After our initial meeting, I'll begin searching for houses on the market that best suit you.
I'll research many of the houses and ignore the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we tour houses, I'll show you the good features, as well as bad ones. I'll even ask you to tell us about things you like and don't like.
Generally, buyers revise their must-have list as we view homes and some things become more substantial than others.
If that's the case, I'll search the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Comprehend the housing market
Your agent's understanding of the Milton housing market is a necessary aspect in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will alert you to certain districts are "hot" and demand immediate action and the ones that are "cold" and allow for careful examination.
When we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions. Every REALTOR in Milton will claim to know the market.
If things don't add up, call me at 617-696-1000 x 208 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find the house of your dreams in Milton. When that happens, I'll precisely create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies, such as obtaining financing, finishing the inspection, and a clean title.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property. The amount is usually applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let it alarm you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Get financing
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take much time at all, but you'll want to keep in close contact with your lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of taking your loan application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most often happen at a title company or escrow office and is often a smooth and calm affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 617-696-1000 x 208 or e-mail me at .