Let Porto Real Estate Group assist you with purchasing a new home
Buying a home is intimidating for most people. However, with a little planning ahead of time, it's not all that confusing. So you understand exactly what to expect, we like to furnish our buyers with an outline of the whole deal. Here are our nine steps to buying a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to address any questions you have regarding this information.
Step 1 – Get ready to purchase
There are a lot of things you should take into account before commencing your home search. You'll want to form a check list of must-have features, get a plan of what neighborhoods and school districts you want to live in, and start planning your budget. Ensuring your mortgage payment is less than or around 1/3 of your net monthly income is a good principle to go by.
Step 2 – Get with a real estate agent
That's where we come in. We can arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage and housing industries, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the area.
In addition, we'll help you begin the loan process. There are some excellent mortgage professionals in the area, and we work with a lot of them, so you'll be in great hands. They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
After we meet for the first time, we'll start finding available houses on the market that are a good fit for you. We'll preview most of the homes and reject the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
As we tour houses, we'll identify positive features, as well as bad ones. we'll also ask you to point out what things you like and dislike. Most often, buyers change their wish list as we tour homes and some features become more crucial than others. If that happens, we'll look through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Know the market
Your agent's understanding of the home market is a crucial factor in your home search. And we assure you we're very familiar with all the school districts and neighborhoods, and we can let you know which areas are "hot" and warrant prompt action and the others that are "cool" and allow for careful examination.
When we tour homes, we'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." Every real estate agent will convince you they truly know the housing market, but beware, and be sure to ask a lot of questions. If things don't add up, contact us at (203) 814-8247 or e-mail us at email@example.com, and we'd be glad to answer any questions you might have. Our market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
We're sure we'll find the house of your dreams. When that happens, we'll precisely develop your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as obtaining financing, completing the inspection, and a clean title.
When turning in your offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's very common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Obtain financing
Once the contract is finished, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, this won't take much time at all. However, you need to keep in close contact with your lender. And we'll take care of 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 your closing costs from your lender within three days of accepting your loan application. This estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a close range of accuracy, and we'll review the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often happen at a title company or escrow office and will most often be a smooth and relaxed event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call us at (203) 814-8247 or send us an e-mail.