Purchasing a home can be stressful for many people, but it's not that complex with some planning ahead of time.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to jeremyw@missoulacountyhomes.com. I'm glad to answer questions you have about this information.
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Step 1 – Get ready to purchase
Before you begin looking for a home, there are several things you need to do.
It's likely that you'll want to create a checklist of items you want, get a plan of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent
This is where Windermere Real Estate can help.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Missoula area.
I can also assist you with getting started on your loan.
Windermere Real Estate works with some of Missoula's best mortgage professionals, so you're in great hands.
They'll assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After we meet for the first time, I'll begin searching for homes on the market that suit your needs.
I'll research most of the houses and ignore the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
When we tour the houses, I'll show you the positive features, as well as negative ones. I'll even ask you to talk about things you like and dislike.
Generally, buyers change their must-have list as we view homes and some features become far more crucial than others.
If that's the situation, I'll go back through the listings one more time and trim it down to the house of your dreams.
Step 4 – Get a feel for the housing market
My understanding of the Missoula market is an indispensable benefit in your house search. I am acquainted with all the schools and neighborhoods, and I can communicate some areas are "hot" and demand immediate action and some that are "cold" and allow for more analysis.
As we view homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
Any REALTOR® in Missoula will claim to comprehend the market, but trust your instincts, and make sure you ask plenty of questions.
If it seems like they don't know everything, just call me at (406) 532-7919 or e-mail me at jeremyw@missoulacountyhomes.com, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in Missoula, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
Upon submitting your offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is usually put towards the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer, and it's very common to receive a counter offer. Don't let this alarm 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 go on.
The state of the market determines 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 compose a deal that's best for you.
Step 7 – Secure a loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't be a long process at all. But you need to stay in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your application.
The estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will probably be a smooth and easygoing affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at (406) 532-7919 or send me an e-mail.
