Contemplating purchasing a home in South Central Minnesota? D & L Real Estate can help.
Purchasing a home can be stressful for a lot of people, but it isn't all that complex with some up-front planning.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're ready to get started, just contact me here or send e-mail to MNlandman@gmail.com
Step 1 – Get ready to buy a home
Before you start looking for a home, there are many things you need to consider.
When you begin your search, you'll probably want to create an index of features you want, plan for what neighborhoods you want to live in, and start planning your budget.
A good rule of thumb to adhere to is that your mortgage payment should be a third of your monthly income.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I can schedule 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 talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the South Central Minnesota area.
I'll also help you begin the loan process.
There are some very good mortgage professionals in South Central Minnesota, and I partner with a lot of them, so you're in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a home
After our initial meeting, I'll start searching for available houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
When we tour the homes, I'll identify good features and negative ones. I'll also ask you what things you like and don't like.
Frequently, buyers amend their list of must-haves as we tour houses and some things become more substantial than others.
If such is the case, I'll search the listings one more time and trim it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
My understanding of the South Central Minnesota market is an essential asset in your house search. I am mindful of all the neighborhoods and school districts, and I can communicate some areas are "hot" and call for immediate action and the ones that are "cool" and allow for more examination.
As we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Every real estate agent in South Central Minnesota will convince you they truly know the home market, but take note, and make sure you ask your agent a lot of questions.
If it doesn't seem like they know everything, just call me at (507)330-2164 or e-mail me at MNlandman@gmail.com, and I'll be glad to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the home of your dreams in South Central Minnesota. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title.
When we submit your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. 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
Unfortunately most contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing constraints. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Obtain financing
Upon completion of the contract, you'll start working with your lender to close the loan.
This won't take long at all if you're already pre-approved, but you need to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and will most likely be a smooth and relaxing occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at (507)330-2164 or send me an e-mail.