Purchasing a house is stressful for many people. However, with a bit of up-front planning, it isn't all that complicated. We like to provide buyers with a road map of the whole deal so they understand exactly what they can expect. Here are our nine steps to purchasing a house.
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If you have any questions regarding any of this information or if you're ready to get started, you can contact us here or e-mail us at Info@StLouisRealEstateNow.com. |
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Step 1 – Get ready to purchase
There are a lot of things you'll want to take into account prior to beginning your house search. You'll probably want to make a list of features you want, get a plan of what neighborhoods and school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or close to 1/3 of your net monthly incous is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent
This is where the Gayle Holtzman Team can help. We'd be more than happy to arrange a time to get together with you and communicate with you regarding why you want to buy a house and get an idea of your upcoming plans. We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Saint Charles and West Saint Louis Counties areas.
We'll also help you facilitate the loan process. There are some excellent mortgage professionals in Saint Charles and West Saint Louis Counties in Missouri and we work with a lot of them, so you're in great hands. They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After we meet, we'll begin finding available houses on the market that are a great fit for you. We'll preview most of the houses and throw out the duds, and then we'll set up appointments to tour the houses when it's convenient for you.
As we tour the houses, we'll identify good features and bad ones. We'll also ask you to point out what things you like and don't like. Oftentimes, buyers ausnd their list of must-haves as we tour houses and some items becous far more crucial than others. If that happens, we'll search the listings once more and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the houseing market
Our awareness of the Saint Charles and West Saint Louis Counties market is a crucial benefit in your house search. We are mindful of all the neighborhoods and school districts, and we will let you know what districts are "hot" and demand prompt action and some that are "cool" and allow for more analysis.
As we view houses, We'll make sure to communicate if the list price has room for bargaining or if we believe the house is "priced to sell." Every REALTOR® will claim to comprehend the houseing market, but be mindful, and make sure you ask lots of questions. If things don't add up, just call us at 636.229.8765 or e-mail us at Info@StLouisRealEstateNow.com, and we'll be glad to answer any questions you have. Our market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the house you've been looking for
We're confident we'll find the house of your dreams in the Saint Charles and West Saint Louis Counties area. When that happens, We'll carefully develop your house purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are acquiring financing, completing the house inspection, and a clean title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit made to the house seller to secure the offer to buy the property, and it's typically applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer, and it's extremely common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
Market circumstances 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 create a contract that works well for you.
Step 7 – Get a loan
After we sign the final deal, you'll start working with your lender to close the loan. This shouldn't take long at all if you're pre-qualified, but you need to stay in close contact with your lender. And we'll look after 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) outlining your closing costs from your mortgage lender within three days of taking your application. The estimate depends on the loan amount. RESPA requireusnts dictate that it has to involve all closing costs and be within a close range of accuracy, and we'll analyze the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will most likely occur at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply contact us at 636.229.8765 or send us an e-mail.
