Buying or selling a home in Mineral Wells? Ender & Associates Realty can help.
Purchasing a home can be stressful for many people. However, with some planning ahead of time, it's not very complex.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what they can expect.
These are my nine steps to buying a home.
If you have any questions about 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 several things you need to take into account prior to starting your home search.
It's likely that you'll want to create an outline of features you need, get a feel for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good rule to adhere to is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd love to set up a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Mineral Wells area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
I work with some of the finest mortgage professionals in Mineral Wells, 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 our first meeting, I'll begin searching for houses on the market that meet your needs.
I'll preview most of the homes and eliminate the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we view houses, I'll show you the positive features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
For the most part, buyers revise their list of must-haves as we view houses and some items become more essential than others.
If that's the situation, I'll go back through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Understand the market
Your agent's knowledge of the Mineral Wells market is a fundamental component in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I can alert you to what areas are "hot" and warrant immediate action and some that are "cold" and allow for cautiousness.
As we view houses, I'll make sure to communicate when the asking price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as any real estate agent in Mineral Wells will tell you they truly know the housing market.
If it doesn't seem like they know everything, contact me at (940) 325-2006 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find the house of your dreams in the Mineral Wells area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies, such as getting financing, completing the inspection, and a clean title.
When we turn in your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer, and it's extremely common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll start working with your lender to close the loan.
If you're pre-approved, this won't be a long process at all, but you'll need to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) of closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
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 (940) 325-2006 or e-mail me at .