Purchasing a home is an intimidating event for many people, but it's not all that complicated with a bit of up-front planning. We like to provide buyers with a road map of the whole deal so they know exactly what they can expect. Below are nine steps to buying a home.
Step 1 – Prepare to buy a home
There are many things you should do before commencing your home search. When you start your search, you'll want to create a check list of features you need, get a feeling for what neighborhoods you want to live in, and begin planning around your budget. A good guideline to adhere to is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Brigantine
This is where Domain Realty can help. We'd be happy to schedule a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Brigantine area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
We'll also help you get started on your loan. Domain Realty partners with some of the finest mortgage professionals in Brigantine, so you can rest assured that you're in great hands. They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After we meet for the first time, we'll start searching for available houses on the market that meet your needs. We'll get a sneak peek of many of the homes and reject the duds, and then we'll schedule appointments to view the homes at a time that's convenient for you.
When we view the homes, we'll call attention to good features and bad ones; even ask you to point out what things you like and dislike. It's widely common for buyers to change their wish list as we tour houses and some items become far more necessary than others. If that happens, we'll search the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's awareness of the Brigantine housing market is an essential factor in your house search.
As we tour houses, we'll be sure to tell you when the seller's asking price has room for negotiation and also when I believe the home is "priced to sell." Any REALTOR® will convince you they truly understand the market, but take note, and make sure you ask plenty of questions. If things don't add up, call at 609-948-5454 and we'll be happy to answer any questions you may have. Our knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream house
When we find your dream house in Brigantine, we will thoroughly create your home purchase offer. The offer will be written exactly to your needs. And whenever necessary, to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon presenting your offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property and is most often put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your financing limits. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Obtain your loan
After the deal is finished, you'll start working with your mortgage lender to close the loan. This shouldn't be a long process at all if you've been pre-qualified, but you need to keep in close contact with your mortgage lender.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your loan application. The estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. We will go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably take place at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, just call us at 609-948-5454 or email us at info@domainrealtynj.com.
