For a lot of people, buying a home is a stressful event. However, with some planning ahead of time, it isn't too complex.
I like to furnish buyers with an overview of the whole deal so they'll know exactly what to expect.
Here are my nine steps to purchasing a home.
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Should you have any questions about this information or if you're ready to get started, you can contact me here or e-mail me at lois@loisjost.com.
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Step 1 – Prepare to purchase
There are many things you'll want to contemplate before starting your home search.
You'll most likely want to put together an index of features you want, get an idea of what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Get in touch with a real estate agent in Amelia Island
This is where I can help.
We can book a time to get together 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 everything from neighborhoods, schools in the Amelia Island area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process.
I partner with some of the best mortgage professionals in Amelia Island, so you'll be 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 – Begin your home search
After our first meeting, I'll start searching for houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and throw out the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
As we tour the houses, I'll show you the good features and negative ones. I'll even ask you to point out what things you like and dislike.
It's common for buyers to amend their wish list as we tour houses and some things become more substantial than others.
If that happens, I'll look through all the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Know the housing market
An agent's understanding of the Amelia Island market is a crucial agent in your house search. And I assure you I'm informed of all the schools and neighborhoods, and I can communicate which neighborhoods are "hot" and require immediate action and others that are "cold" and allow for careful consideration.
When we tour houses, I'll make sure to communicate when the seller's list price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as every real estate agent will convince you they truly understand the home market.
If it seems like they don't know everything, just call me at 904-572-4788 or e-mail me at lois@loisjost.com, and I'd be glad to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I'm confident we'll find your dream house in the Amelia Island area. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored to suit your needs, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When we turn in your offer, you'll likely need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property. The amount is typically put towards the cost of closing. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Get your loan
Once the contract is signed, you'll start working with your mortgage lender to close the loan.
This shouldn't take long at all if you're already pre-approved, but you'll want to keep in close contact with your lender.
And I'll look after all the property information your lender will need 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 taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if it all looks permissible.
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 stress-free occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 904-572-4788 or send me an e-mail.