For a lot of people, buying a home can be a stressful event. But with a little planning ahead of time, it isn't too complicated.
So you understand exactly what to expect, I like to supply my buyers with a road map of the entire deal.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are plenty of things you'll want to consider prior to beginning your home search.
When you start your search, you'll want to make an index of features you need to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget.
A good guideline to follow is that your mortgage payment should be less than a third of your net monthly income.
Step 2 – Talk to a real estate agent in Pittsburgh
This is where I come in.
I'd like to schedule a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Pittsburgh area.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Pittsburgh, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin looking
After our first meeting, I'll start looking for homes on the market that are a good fit for you.
I'll research many of the houses and throw out the bad ones, and then we'll book appointments to view the homes when it's convenient for you.
As we tour the houses, I'll show you the positive features, as well as bad ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to revise their must-have list as we view houses and some things become more substantial than others.
If such is the case, I'll look through all 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 Pittsburgh home market is a valuable resource in your home search. I am acquainted with all the neighborhoods and school districts, and I can communicate certain areas are "hot" and call for prompt action and some that are "cool" and allow for more analysis.
As we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
Be mindful and be sure to ask plenty of questions, as every REALTOR® in Pittsburgh will convince you they truly understand the market.
If it seems like they don't know everything, contact me at 412-363-4000 x527 or e-mail me at jeff.bennett@pittsburghmoves.com, and I'd be happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find your dream house in the Pittsburgh area. When that happens, I'll meticulously create your purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, completing the inspection, and a clean title.
When we submit your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain your loan
After the deal is finished, you'll start working with your mortgage lender to close the loan.
It shouldn't take long at all if you're already pre-approved, but you'll want to stay in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of accepting your loan application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will most likely be a smooth and peaceful occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 412-363-4000 x527 or send me an e-mail.
