Let Eagles Wings Realty assist you with purchasing your home in MontrosePurchasing a home is stressful for most people, but with a little up-front planning, it isn't too confusing. We like to provide buyers with a road map of the whole deal so they'll know exactly what to expect. Below are our nine steps to purchasing a home.
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Step 1 – Get ready to purchase
There are many things you need to do before starting your home search. When you start your search, you'll want to create an index of items you need, get a plan of what school districts you want to live in, and start working on your budget. Keeping your mortgage payment less than 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent
This is where we come in. We would be 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 discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Montrose area.
We will also help you begin the loan process. There are some great mortgage professionals in Montrose, and we partner with a lot of them, so you're in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house hunting
After our initial meeting, we will start looking for homes on the market that are great for you. We will get a sneak peek of many of the houses and ignore the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we view the houses, we will identify good features and negative ones. We will also ask you about things you like and don't like. It's common for buyers to revise their list of must-haves as we view homes and some features become far more important than others. If that's the case, we will look through all the listings another time and narrow it down to the house of your dreams.
Step 4 – Understand the housing market
Your real estate agent or company's knowledge of the Montrose market is a fundamental aspect in your home search. And we can assure you we are familiar with all the neighborhoods and school districts. We always quickly tell you about which areas are "hot" and demand immediate action while also covering the others that are "cool" and allow for more consideration.
As we view houses, we are always quick to tell you when the asking price has room for bargaining and also when we trust the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions. Any real estate agent will claim to understand the housing market. If things don't add up, contact us at 970-901-0434 or e-mail us at firstname.lastname@example.org, and we would be more than happy to answer any questions you may have. Our knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house of your dreams
We are sure we'll find the house of your dreams in the Montrose area. When we do, we will carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
When sending in your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property, and it's often put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's extremely common to receive a counter offer. Don't let it intimidate you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the contract. We'll also work within your budget. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Get a loan
Once we sign the final deal, you'll start working with your lender to close the loan. This won't take very long at all if you're already pre-approved, but you'll need to stay in close contact with your lender. And we will take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your loan application. This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and we will examine the estimate and let you know if it all looks permissible.
Then we'll close on your house. This should occur at a title company or escrow office and should be a smooth and comfortable occasion.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply contact us at 970-901-0434 or send us an e-mail.