For many people, buying a home can be an intimidating event. But with a little up-front planning, it isn't that complicated.
I like to give buyers an overview of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to bokinkov@sbcglobal.net. I'm happy to address questions you have about this information.
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Step 1 – Get ready to buy a home
There are plenty of things you need to consider before you search for a home.
When you begin your search, you'll probably want to create a list of features you need, get a feel for what school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Get with a real estate agent in Frisco
This is whereBo Kinkov William Davis Realty can help.
We can arrange 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, schools in the Frisco area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Frisco, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After we meet, I'll start finding available homes on the market that best suit you.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we view homes, I'll show you the positive features, as well as bad ones. I'll also ask you what things you like and don't like.
Frequently, buyers update their wish list as we tour homes and some things become more necessary than others.
If such is the case, I'll go back through the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Frisco housing market is a fundamental aspect in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I will let you know what districts are "hot" and demand immediate action and some that are "cool" and allow for careful analysis.
As we view homes, I'll let you know if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Be mindful and make sure you ask your agent plenty of questions, as every real estate agent will tell you they truly understand the home market.
If things don't add up, contact me at 9722929508 or e-mail me at bokinkov@sbcglobal.net, and I'd be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find the house of your dreams in Frisco. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
When submitting your offer, most likely you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is often applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get a loan
Upon signing the deal, you'll start working with your lender to close the loan.
If you've been pre-approved, this shouldn't take long at all. But you'll need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if it all 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 stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 9722929508 or send me an e-mail.
