Buying your home in Tamuning
Purchasing a home is intimidating for many people. However, with a little planning ahead of time, it isn't all that difficult.
So they'll understand exactly what to expect, I like to furnish buyers with a road map of the entire deal.
Below are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Get ready to purchase
There are a lot of things you'll want to consider before beginning your home search.
When you begin your search, you'll want to put together an outline of features you want, get an idea of what neighborhoods you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than a third of your monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Tamuning
This is where I can help.
I'd love to arrange a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Tamuning area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
I partner with some of Tamuning's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin looking for homes on the market that are a good fit for you.
I'll research most of the houses and exclude the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
When we tour homes, I'll call attention to good features, as well as bad ones. I'll even ask you about things you like and don't like.
Usually, buyers update their wish list as we tour homes and some items become more substantial than others.
If such is the case, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
Your agent's awareness of the Tamuning home market is a crucial agent in your house search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can alert you to what districts are "hot" and call for immediate action and the ones that are "cold" and allow for more consideration.
As we view houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
Every real estate agent in Tamuning will claim to understand the market, but beware, and be sure to ask plenty of questions.
If things don't add up, just call me at (671) 647-5577 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in Tamuning. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
When we turn in your purchase offer, you'll likely need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer. It's pretty common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Get a loan
Upon finishing the contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, it won't take very long at all. But you'll want to keep in close contact with your lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) detailing your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of getting your loan application.
This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and is often a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at (671) 647-5577 or e-mail me at .