Are you purchasing a home in New Haven? Planet Realty, LLC can help.
Buying a home is stressful for most people, but it isn't all that complex with some planning ahead of time. We like to give buyers a road map of the whole deal so they'll know exactly what they can expect. Here are our nine steps to buying a home.
Step 1 - Get ready to purchase a home
There are a lot of things you need to do prior to commencing your home search. When you begin your search, you'll want to create an outline of items you want, plan for what neighborhoods you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to adhere to.
Step 2 - Contact a real estate agent
This is where we can help. We'd like to schedule a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans. We'll discuss the mortgage and housing industries, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the New Haven area.
In addition, we'll help you begin the loan process. We work with some of the best mortgage professionals in New Haven, so you can rest assured that you're in great hands. They will assist you with determining which type of loan is best for you and help you get approved.
Step 3 - Begin house-hunting
After we meet, we'll start searching for homes on the market that best suit you. We'll research many of the homes and eliminate the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we tour the homes, we'll show you the positive features and bad ones. we'll also ask you to talk about things you like and don't like. Frequently, buyers change their list of must-haves as we tour houses and some things become more essential than others. If such is the case, we'll search all the listings once again and trim it down to the home of your dreams.
Step 4 - Get a grasp of the market
Your agent's knowledge of the New Haven housing market is a necessary factor in your home search. And we can assure you we're very familiar with all the school districts and neighborhoods, and we can let you know what neighborhoods are "hot" and call for immediate action and the others that are "cold" and allow for thoughtful examination.
As we view houses, we'll be sure to tell you when the list price has room for bargaining and when we think the home is "priced to sell." Any REALTOR� in New Haven will convince you they know the housing market, but keep an eye out, and make sure you ask plenty of questions. If things don't add up, call us at 203-387-0200 or e-mail us at firstname.lastname@example.org, and we'd be more than happy to answer any questions you have. Our understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 - Find the house of your dreams
We're sure we'll find the house of your dreams in New Haven. When we do, we'll precisely create your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.
When presenting your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property and is typically put towards the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 - Negotiate the deal
Most contracts don't close on the first offer - it's widely common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 - Obtain financing
Once the contract is signed, you'll start working with your lender to close the loan. If you've been pre-qualified, this won't take much time at all. However, you should to keep in close contact with your mortgage lender. And we'll care for all the property information your mortgage lender needs to close the loan.
Step 8 - Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of getting your loan application. This estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy. we'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will most often happen at a title company or escrow office and should be a smooth and pleasant occasion.
Step 9 - Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just call us at 203-387-0200 or send us an e-mail.