9 steps to home-ownership

Step - 1 the decision to buy It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new house and write them down. Determine how long you want to live in the new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.  new house - does buying still make good financial sense? Can you afford a house that will meet your list of requirements? A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income. Step 2 -seek professional guidance I'd like to schedule a time to meet with you to hear your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you. At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. The fact that you are pre-qualified will help us when we are negotiating the deal. Step 3 - begin the hunt When you have interest in viewing a Home I'll schedule appointments to tour. You'll probably amend your "wish list" as we tour houses, some things will become more important and others less important. With this new information, I'll refine our search criteria to narrow in on the house of your dreams. Step 4 - know the market In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell. Step 5 - find your dream house The offer is normally presented with "earnest money". This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is applied to closing costs. If the seller accepts the offer, generally closing is held 30 to 60 days from the offer date (generally dependent on the turn around time of your mortgage financing). Step 6 - negotiate the deal It is not uncommon to receive a counter offer when the initial purchase offer is submitted. Don't let this discourage you. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on. Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits. Step 7 - get a loan During the closing period, you will be working with your mortgage lender to close the loan. Step 8 - close the deal You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions. Step 9 - move in Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I look forward to working with you!   Teresa Berry | "Find Yourself @ Home" Real Estate Agent | 206.218.3970 ) soldsigns@comcast.net * seattlesoldsigns.com  þ