Buying a home is a stressful event for most people. However, with a bit of planning ahead of time, it isn't all that complex. I like to provide buyers with a road map of the entire deal so they understand exactly what they can expect. These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to gregrenfrow@gmail.com. I'm happy to answer questions you have about this information. |
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Step 1 – Get ready to buy a home
Before you start looking for a home, there are plenty of things you need to take into account. When you start your search, you'll probably want to create a check list of must-haves, get a feel for what school districts you'd like to live in, and start planning your budget. A good principle to go by is that your mortgage payment should be less than 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Memphis
That's where I come in. We can schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Memphis area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you start the loan process. Marx-Bensdorf, REALTORS partners with some of the best mortgage professionals in Memphis, so you can rest assured that you're in great hands. They'll assist you with determining which kind of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll start searching for available homes on the market that meet your needs. I'll preview many of the houses and exclude the bad ones, and then we'll book appointments to tour the homes when it's most convenient for you.
As we view homes, I'll call attention to positive features, as well as negative ones. And I'll ask you what things you like and dislike. It's common for buyers to update their list of must-haves as we view houses and some items become more necessary than others. If such is the case, I'll look through all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
An agent's awareness of the Memphis home market is an imperative component in your home search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I will let you know what districts are "hot" and call for prompt action and others that are "cool" and allow for thoughtful examination.
When we view homes, I'll let you know when the asking price has room for negotiation and when I trust the house is "priced to sell." When working with an agent, be careful and be sure to ask a lot of questions. Every REALTOR® will convince you they comprehend the market. If things don't add up, call me at 901-682-1868 or e-mail me at gregrenfrow@gmail.com, and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I know we'll find the house of your dreams in the Memphis area. When we do, I'll thoroughly create your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When we submit your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's typically applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the initial offer. It's pretty common to receive a counter offer. Don't let this intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
Upon signing the contract, you'll start working with your lender to close the loan. If you're pre-qualified, this won't be a long process at all. But you should 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
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of getting your application. The estimate is formed from the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a precise range of accuracy, and 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 happen at a title company or escrow office and will likely be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 901-682-1868 or send me an e-mail.
