Buying a home is an intimidating event for most people, but it isn't that complex with a little planning ahead of time.
I like to provide buyers with an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are plenty of things you'll want to do before you start searching for a home.
When you begin your search, you'll want to form a check list of features you need to have, get an idea of what neighborhoods and school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent in Indianapolis
This is where I can help.
We'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
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 Indianapolis area.
In addition, I'll help you get started on your loan.
There are some excellent mortgage professionals in Indianapolis, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
After we meet for the first time, I'll begin searching for homes on the market that are good for you.
I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we tour the homes, I'll show you the good features and negative ones. I'll even ask you what things you like and dislike.
It's widely common for buyers to revise their must-have list as we view homes and some items become far more crucial than others.
If that's the situation, I'll go back through the listings once more and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's understanding of the Indianapolis housing market is an imperative aspect in your house search. And I assure you I'm informed of all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for careful consideration.
As we view houses, I'll let you know if the list price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR® in Indianapolis will tell you they truly understand the market, but be mindful, and be sure to ask your agent lots of questions.
If things don't add up, call me at 317 575-9121 or e-mail me at andy@amsandler.com, and I'll be more than happy to answer any questions you might have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
We'll find the house of your dreams in the Indianapolis area, and when we do, I'll precisely develop your home purchase offer. The offer will be written 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.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property and is typically applied to the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer. It's extremely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Get your loan
After the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take much time at all. However, you'll want to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of taking your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then we'll close on your home. This should happen at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at 317 575-9121 or send me an e-mail.
