For a lot of people, buying a home is a stressful event. But with a bit of planning ahead of time, it's not all that hard.
So you'll understand exactly what to expect, I like to supply my buyers with an outline of the whole deal.
Below are my nine steps to purchasing a home.
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If you have any questions regarding this information or if you're prepared to get started, simply contact me here or e-mail me at CharlieCannizzaro@royallepage.ca.
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Step 1 – Get ready to buy a home
Before you begin searching for a home, there are many things you need to do.
When you begin your search, you'll want to put together a check list of features you need to have, get an idea of what neighborhoods and school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent
This is where Royal LePage State Realty Brokerage can help.
We'll plan a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Hamilton area.
I'll also assist you with getting started on your loan.
I partner with some of Hamilton's best mortgage professionals, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll start finding available homes on the market that are good for you.
I'll research most of the houses and throw out the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we tour homes, I'll show you the positive features and negative ones. I'll also ask you about things you like and dislike.
It's common for buyers to amend their list of must-haves as we tour homes and some items become more crucial than others.
If that happens, I'll look through all the listings again and narrow it down to the house of your dreams.
Step 4 – Know the housing market
My understanding of the Hamilton home market is a necessary resource in your search. I'm informed of all the schools and neighborhoods, and I'll let you know what neighborhoods are "hot" and call for immediate action and the ones that are "cool" and allow for thoughtful examination.
As we view homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
Be mindful and make sure you ask your agent a lot of questions, as any REALTOR® will convince you they truly understand the market.
If things don't add up, contact me at 905-574-4600 or e-mail me at CharlieCannizzaro@royallepage.ca, and I'll be glad to answer your questions. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been looking for
We'll find your dream house in the Hamilton area, and when that happens, I'll precisely develop your home purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we send in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property and is often put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer – it's really common to receive a counter offer. But don't let this alarm you. We'll discuss whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Obtain a loan
After the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all, but you should 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
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often occur at a title company or escrow office and will most often be a smooth and peaceful event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at 905-574-4600 or send me an e-mail.
