For many people, buying a home is a stressful event. But with a bit of up-front planning, it isn't all that complicated. So you know exactly what to expect, I like to give my buyers an outline of the entire deal. Below are my nine steps to buying a home.
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 | Should you have questions regarding any of this information or if you're prepared to get started, just contact me here or e-mail me at patti@pattikam.com. | | |
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Step 1 – Get ready to buy
There are several things you should consider before you start searching for a home. When you start your search, you'll want to form a checklist of features you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Get in touch with a real estate agent in Hilo
This is where Prudential Orchid Isle Properties can help. I'd be happy to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Hilo area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
I can also assist you with getting started on your loan. Prudential Orchid Isle Properties works with some of Hilo's best mortgage professionals, so you're in great hands. They'll assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll start searching for available houses on the market that are a good fit for you. I'll research most of the houses and eliminate the bad ones, and then we'll set up appointments to view the homes when it's most convenient for you.
As we view the homes, I'll call attention to good features, as well as bad ones. I'll even ask you to tell us about things you like and don't like. For the most part, buyers change their list of must-haves as we view houses and some features become more substantial than others. If that's the case, I'll go back through all the listings again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the housing market
My awareness of the Hilo home market is an essential resource in your house search. I'm informed of all the neighborhoods and schools, and I will alert you to what districts are "hot" and call for immediate action and others that are "cool" and allow for more analysis.
When we tour homes, I'll let you know if the seller's asking price has room for negotiation or if I believe the house is "priced to sell." Any REALTOR® will claim to truly understand the housing market, but take note, and make sure you ask your agent a lot of questions. If it seems like they don't know everything, call me at 808-960-3198 or e-mail me at patti@pattikam.com, and I'd be glad to answer your questions. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I know we'll find your dream home in Hilo. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as acquiring financing, completing the inspection, and a clean title.
When presenting your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is most often put towards the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's very 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, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Secure financing
Once the deal is signed, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this shouldn't take much time at all. But you should to stay in close contact with your mortgage lender. And I'll manage all the property information your lender will need 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 getting your application. This estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy. I'll study the estimate and let you know if everything looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and will probably be a smooth and comfortable event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, be sure to call me at 808-960-3198 or send me an e-mail.
