Step
- 1 Make the Decision to Buy
It seems obvious, but it's good to note that the first step to buying a
home is making the decision to buy. Consider the reasons you want a new
home and write them down. How long you plan on living in the home? Can you
afford a home that will meet your list of requirements? A good rule of
thumb is your mortgage payment should not exceed 1/3 of your net monthly
income.
Step 2
- Seek Professional Guidance
As a licensed real estate broker with
ANTHONY RAEL & ASSOCIATES/Metro Brokers,
I am available to discuss any real estate matter
FREE of charge & without obligation. Call
303-520-3179 to schedule a time to meet so I can understand the
reasons you want to buy a home and your plans for the future. We'll talk
about neighborhoods, schools, economic factors that are liable to affect
the market today and tomorrow, as well as how you would like your home
and neighborhood to grow with you.
During our consultation,
I will also help you get pre-qualified for a mortgage loan.
Pre-qualification is a written statement from a loan officer indicating
his or her opinion that you will be approved for a mortgage loan up to a
certain amount. The fact that you are pre-qualified will help us when we
are negotiating the deal.
Step 3
- Begin the Hunt
After our initial meeting, I'll begin searching all available
resources for homes on the market that fit your criteria. I'll preview
these homes in advance to weed out the bad ones. Then, I'll schedule
appointments to tour the homes at times which are convenient to you.
As we tour homes, I'll
point out the positive features and negative features. I'll ask you to
tell me what you like and what you don't like. This process will help
you rethink your "wish list" as we tour homes because some things will
become more important and others less important. With this new
information, I'll refine my search criteria to narrow in on the home of
your dreams.
Step 4 - Know the Market
As a Denver native of 39 years, my knowledge of the area is an essential
factor in the search for your new home. I will let you know when the
market in a particular neighborhood is "hot" and requires immediate
action or when the market is "cool" and allows more time to consider.
As we tour various homes,
I'll let you know when the asking price has negotiating room and when
the house is "priced to sell". My unique market knowledge and
negotiating skills will keep you a step ahead of the "house hunting
competition".
In a "seller's market".
It is not unusual to see multiple offers on a property, full-price
offers and even above-price offers. On the flip side, during a "buyer's
market" there are more homes for sale than buyers. This gives us more
negotiating room as homes are taking longer to sell.
Step 5
- Finding Your Dream House
I'm confident we'll find your dream home and when we do, I'll put
together a purchase offer tailored for your exact needs including
appropriate contingencies (such as obtaining financing, home
inspections, clear title, etc.).
The purchase offer is
normally presented with "earnest money". This is a cash deposit made to
a home seller to secure an offer to buy the property. The amount is
applied to closing costs. If the seller accepts the offer, generally
closing is held 30 to 60 days from the offer date (generally dependent
on the turn around time of your mortgage financing).
Step 6
- Negotiate the Deal
It is not uncommon to receive a counter offer once our
initial purchase offer is submitted, so don't let this discourage you.
We will discuss the counter offer and decide whether or not to accept
the counter offer, submit our own counter offer, or reject the counter
offer and find another home.
Market conditions will
play a role in how aggressively we negotiate the deal. We will also work
within your limits. Emotions can lead to buyer's remorse. It is better
to set limits prior to negotiating an offer and stick to these limits.
Step 7
- Securing a Loan
During the closing period, you will be working closely with a mortgage
lender/broker of your choice to close the loan as quickly as possible.
Since you pre-qualified for the loan before starting your home search,
you will be that much closer to the end. I'll gather the necessary
property information your lender will need to close the loan.
Step 8
- Closing the Deal
You will receive a "Good Faith Estimate" of closing costs at the time
the loan application is submitted to the lender. The estimate is based
on the loan officer's past experience and may not include all the
closing costs. I will be glad to review the "Good Faith Estimate,"
answering questions and highlighting missing costs and estimates.
Step 9
- Move In
Congratulations! It's time to move into your new home. Enjoy this
exciting time. I'll provide you a checklist to help you remember the
numerous details that will make your moving day a pleasure.
