Looking to purchase your new home in Mitchell? Lucas Indiana Realty and Home Services can help.
Buying a home is intimidating for most people, but it isn't that complicated with a little up-front planning.
I like to give buyers an outline of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
If you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to consider before you start searching for a home.
You'll probably want to assemble a list of items you want to have, plan for what neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than or around 1/3 of your monthly income is a good guideline to adhere to.
Step 2 – Connect with a real estate agent in Mitchell
This is where I can help.
I'd love to plan a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Mitchell area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I can also help you start the loan process.
Lucas Indiana Realty and Home Services works with some of Mitchell's best mortgage professionals, so you'll be in great hands.
They will assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll start searching for available homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
As we view homes, I'll point out positive features and bad ones. And I'll ask you about things you like and dislike.
It's widely common for buyers to revise their list of must-haves as we view houses and some features become far more essential than others.
If that's the case, I'll go back through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Comprehend the market
An agent's awareness of the Mitchell home market is an imperative element in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can let you know which areas are "hot" and warrant prompt action and some that are "cold" and allow for thoughtful analysis.
When we view houses, I'll be sure to tell you when the asking price has room for bargaining and when I trust the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Any REALTOR will tell you they understand the housing market.
If things don't add up, call me at 8128494663 or e-mail me at , and I'd be more than happy to answer any questions you might have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in Mitchell, and when we do, I'll precisely develop your home purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies, such as getting financing, completing the inspection, and a clean title.
When we present your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is often applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer – it's very common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Get a loan
After the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this shouldn't take much time at all, but you'll need to stay in close contact with your lender.
And I'll look after all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) of your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a precise range of accuracy, and I'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and hassle-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 8128494663 or e-mail me at .