Buying a home in Tamuning
Purchasing a home intimidates a lot of people, but with some planning ahead of time, it isn't all that difficult.
I like to give buyers an overview of the whole deal so they know exactly what to expect.
Here are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Get ready to buy a home
Before you start looking for a home, there are a lot of things you'll want to consider.
When you begin your search, you'll want to make a check list of items you need to have, get an idea of what school districts you want to live in, and start planning around your budget.
A good guideline to adhere to is that your mortgage payment should be 30 percent of your net monthly income.
Step 2 – Connect with a real estate agent in Tamuning
That's where I come in.
I'd be more than happy to set up a time to meet with you and speak with you regarding your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Tamuning area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Tamuning, and I partner with a lot of them, so you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Start looking
After our first meeting, I'll start looking for available houses on the market that are good for you.
I'll get a sneak peek of many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
As we tour houses, I'll show you the good features, as well as bad ones. I'll also ask you to tell us about things you like and don't like.
For the most part, buyers change their list of must-haves as we view houses and some items become more substantial than others.
If such is the case, I'll go back through all the listings once again and trim it down to the house of your dreams.
Step 4 – Understand the market
My awareness of the Tamuning home market is a leading component in your home search. I am mindful of all the neighborhoods and schools, and I will let you know certain neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for more analysis.
When we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR in Tamuning will claim to truly understand the home market.
If things don't add up, contact me at (671) 647-5577 or e-mail me at , and I'd be happy to answer any questions you have. My knowledge of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in Tamuning, and when that happens, I'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies, such as getting financing, finishing the inspection, and a clean title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain a loan
Upon completion of the deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take much time at all, but you should to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at (671) 647-5577 or e-mail me at .