Purchasing your home in Mitchell with Lucas Indiana Realty
Purchasing a home is stressful for most people, but it's not that complicated with a bit of up-front planning.
I like to provide buyers with a road map of the entire deal so they'll know exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are several things you should take into account before beginning your home search.
You'll probably want to assemble an index of features you need, get a feeling for what school districts you'd like to live in, and start planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in Mitchell
This is where Lucas Indiana Realty can help.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Mitchell area.
In addition, I'll assist you in getting started on your loan.
Lucas Indiana Realty works with some of the best mortgage professionals in Mitchell, 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 approved.
Step 3 – Begin house hunting
After we meet, I'll begin searching for available houses on the market that are good for you.
I'll preview most of the houses and throw out the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
When we tour the homes, I'll show you the positive features and bad ones. And I'll ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their list of must-haves as we tour houses and some features become more crucial than others.
If such is the case, I'll look through the listings one more time and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Mitchell home market is an imperative component in your home search. I'm familiar with all the school districts and neighborhoods, and I can communicate what neighborhoods are "hot" and warrant prompt action and some that are "cold" and allow for careful analysis.
When we tour houses, I'll let you know when the seller's list price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions, as any real estate agent will tell you they understand the market.
If it seems like they don't know everything, call me at 8128494663 or e-mail me at , and I'll be happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find the home of your dreams in Mitchell. When we do, I'll precisely create your purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property. The amount is typically put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer, and it's very common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Get your loan
After the contract is finished, you'll start working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take very long at all. But you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) outlining closing costs within three days of getting your application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a precise range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 8128494663 or e-mail me at .