Buying or selling a home in Tamuning?
Buying a home is intimidating for many people. However, with some planning ahead of time, it isn't too hard.
I like to give buyers an overview of the entire deal so they understand exactly what to expect.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are several things you need to consider before beginning your home search.
You'll most likely want to put together a list of items you need to have, get a plan of what school districts and neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Get in touch with a real estate agent in Tamuning
This is where I can help.
We can set up 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 discuss everything from neighborhoods, school districts in the Tamuning area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I can also help you begin the loan process.
I work with some of the best mortgage professionals in Tamuning, so you can rest assured that you're in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our first meeting, I'll begin searching for homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and ignore the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
When we tour the houses, I'll call attention to positive features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
For the most part, buyers change their wish list as we tour homes and some items become more essential than others.
If that happens, I'll go back through the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
My awareness of the Tamuning housing market is a leading component in your home search. I am conscious of all the schools and neighborhoods, and I will alert you to what districts are "hot" and call for immediate action and some that are "cold" and allow for more consideration.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions. Every REALTOR will claim to understand the housing market.
If things don't add up, contact me at (671) 647-5577 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream house in the Tamuning area. When we do, I'll carefully develop your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Obtain a loan
Upon completing the deal, you'll begin working with your mortgage lender to close the loan.
It won't take long at all if you're pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) detailing your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if it all looks permissible.
Then we'll close on your house. This should occur at a title company or escrow office and will likely be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (671) 647-5577 or e-mail me at .