Buying your home in Mitchell with Lucas Indiana Realty
For most people, buying a home is a stressful event. But with a bit of planning ahead of time, it isn't very complex.
I like to furnish buyers with a road map of the whole deal so they know exactly what they can expect.
These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have regarding this information.
Step 1 – Prepare to buy a home
Before you begin your home search, there are plenty of things you should take into account.
You'll want to create an outline of features you want, get a plan of what school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Communicate with a real estate agent in Mitchell
That's where I can help.
We can arrange 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 the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Mitchell area.
I'll also help you get started on your loan.
There are some great mortgage professionals in Mitchell, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our initial meeting, I'll start finding homes on the market that are great for you.
I'll get a sneak peek of many of the houses and throw out the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour the houses, I'll show you the positive features, as well as negative ones. I'll also ask you to talk about things you like and don't like.
It's pretty common for buyers to update their list of must-haves as we view houses and some things become far more essential than others.
If that happens, I'll search the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Know the market
An agent's understanding of the Mitchell market is a crucial component in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I can communicate certain areas are "hot" and warrant immediate action and the ones that are "cool" and allow for more consideration.
When we tour houses, I'll make sure to communicate when the list price has room for negotiation and when I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Every REALTOR will convince you they truly know the home market.
If things don't add up, call me at 8128494663 or e-mail me at , and I'll be happy to answer your questions. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream home in Mitchell. When we do, I'll meticulously develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
When presenting your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is usually applied to the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the initial offer – it's widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Secure a loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
If you've been pre-approved, it shouldn't take very long at all, but you should to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a close range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your house. This will likely take place at a title company or escrow office and should be a smooth and peaceful affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 8128494663 or e-mail me at .