Purchasing a home is a stressful event for a lot of people, but it's not all that hard with a bit of up-front planning.
I like to furnish buyers with a road map of the whole deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or send e-mail to BruceASchulman@aol.com. I'm glad to address any questions you have about this information.
Step 1 – Get ready to buy a home
Before you begin your home search, there are many things you'll want to consider.
When you begin your search, you'll want to form a checklist of features you want, plan for what school districts you want to live in, and begin working on your budget.
A good rule to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Get with a real estate agent in Tucson
This is where Long Realty Company comes in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, schools in the Tucson area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Tucson, and I work with a lot of them, so you'll be in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After our initial meeting, I'll begin looking for available houses on the market that are great for you.
I'll preview many of the houses and reject the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we view the homes, I'll identify good features, as well as bad ones. I'll even ask you what things you like and dislike.
It's widely common for buyers to change their must-have list as we view homes and some items become far more crucial than others.
If that's the situation, I'll search the listings once again and trim it down to the house of your dreams.
Step 4 – Know the market
My understanding of the Tucson home market is an essential asset in your house search. I'm acquainted with all the neighborhoods and school districts, and I can let you know what neighborhoods are "hot" and warrant immediate action and some that are "cold" and allow for careful analysis.
When we view homes, I'll be sure to tell you when the asking price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every REALTOR® will convince you they know the market.
If it appears they don't know everything, call me at 520-577-9333 or e-mail me at BruceASchulman@aol.com, and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in the Tucson area. When that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When presenting your offer, you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is usually put towards the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a big part 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 assemble a contract that's best for you.
Step 7 – Secure financing
Once the deal is finished, you'll start working with your lender to close the loan.
This won't take long at all if you're already pre-approved, but you should to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will most often be a smooth and peaceful occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to contact me at 520-577-9333 or send me an e-mail.