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Buying a new home doesn't have to be stressful. In fact, it can be a very exciting and fun time if you are prepared for the process. Below are the different phases involved in buying a home along with the individual steps for each phase. Knowing these will allow you to be more at ease about purchasing your new home.
PHASE 1 -- PREPERATION FOR BEGINNING YOUR HOME SEARCH
STEP 1: Determine your motivation for buying your new home. (More space, larger yard, a fresh start, etc)
STEP 2: Focus on your motivation for buying your new home. This is important so you don't lose sight of why you are buying your new home.
STEP 3: Decide which school district, city, or community you want to live in.
STEP 4: Pick at least two other surrounding areas that you would be willing to consider if you were to find the perfect home, one that meet all of your needs.
STEP 5: Create two lists:
List 1: Write down "drop dead" features the property must have (# Bedrooms, inside the city limits, style of the home, age of the home, etc.)
List 2: Write down "drop dead" features the property must not have (Pool, close proximity to train tracks, metal roof, etc)
STEP 6: Contact Your Realtor to schedule an appointment by calling (501) 733-9493. This appointment will simply be so you can get to know each other and so Your Realtor can get a better understanding about what your dreams and goals are in buying your new home. Be sure you take your list from step 5.
STEP 7: Get Pre-Approved by a LOCAL lender so that you can meet them in person and so you have an easier time getting assistance with your loan application. Getting Pre-approved will put you in a better negotiating position when you find the right property for your needs.
PHASE 2 -- TOURING HOUSES
STEP 8: Schedule an appointment with Your Realtor to go look at several homes based on the criteria you have created in step 5 above. This first trip will allow you to see what features are common to the style of home you are looking for and what features and finishes are standard in your price range.
STEP 9: Monitor and Adjust. It is very common after you look at several homes that your lists from step 5 will change. This may be the result of personal preferences, what is available within your price-range, or you may have found a house you love but that didn't fit exactly into your "must haves" or "must not haves". Remember, you are the one that will be living in your new home so it is important that you find the house that makes you feel at home.
STEP 10: Send your new lists of "must haves" and "must not have" to your Realtor. You can email them to Greg@GregMossRealtor.com .
STEP 11: It is time to refer back to step 2.
STEP 12: Schedule another home tour for any of the houses from the first tour you really liked as well as any additional houses that you are interested based on the new criteria from step 9.
Repeat Steps 9 through 11 until you find "THE ONE".
PHASE 3 -- CRAFTING THE OFFER
STEP 12: Now that you have found the right house, it is time for you and Your Realtor to sit down and determine the best way to structure your offer for the home. Keep in mind that the only price that you know the seller is willing to accept is the list price. With that said, often seller's expect to make concessions. Note: You should come prepared to write a check in the amount of earnest money that you write into the contract.
STEP 13: Your Realtor will submit the offer to the listing agent.
STEP 14: Evaluate the seller's response.
If the seller accepted your offer, congratulations! Now is the time to celebrate.
If the seller rejected your offer, then it is time to decide if you want to write a new offer or if you want to move on to your backup home.
If the seller countered your offer, then you have the option of agreeing to the "new" terms that the seller is willing to take or you can reject it. If you reject the counter you may either write a new offer or move on to your backup home.
Repeat Steps 12-14 as needed until you have an accepted offer.
PHASE 4 -- GETTING PREPARED FOR CLOSING
NOTE: During this time, be very cautious about incurring any new charges on your credit cards or taking out any additional credit such as for a car, boat, etc.
STEP 15: If you are renting, now is a good time to give notice to your landlord.
STEP 16: Start planning your move, gathering boxes, enlisting friends and family to help on moving day, and, if applicable, notify your utility company on when your last day at your apartment or old house will be so they can shut-off the utilities.
STEP 17: Your Realtor will fax a copy of the accepted contract to your lender.
STEP 18: Start shopping for homeowners insurance. This is a good time to get quotes from several different insurance companies since many offer additional discounts if you insure your home and autos with them. Stay focused on the total of insurance premiums and not whether or not your auto policy went up or down. Notify Your Realtor of what company you will be using, the agent's name and contact information.
STEP 19: Pick a home inspector and schedule a date and time for the inspection. Normally, you will have 10 business days from acceptance of the contract to do the inspection and notify the seller of what items you would like to be done. You can expect a typical home inspection to run 2-4 hours at an average cost of $250-350. You will need to schedule to be there for the last 15-30 minutes of the inspection so the Inspector can share their findings with you. Notify Your Realtor of the date and time of the inspection so he can let the inspector in and notify the listing agent.
STEP 20: Your Realtor will submit the list of repairs to the listing agent.
STEP 21: Check back with your lender to determine if there is anything else that they need from you at this point and, if so, get it to them ASAP.
STEP 22: Respond to the seller's response to your list of repairs.
STEP 23: Contact the appropriate utility companies for your new home and notify them what day you will be taking over the utilities.
STEP 24: Either online or at one of their locations, complete a change of address request for the postal service.
STEP 25: Notify companies you do business with, friends, family, and others as to your new address and, if applicable, your phone number.
STEP 26: Schedule a time for a final walk-through of your new home the day before or day of closing. This is your opportunity to make sure the seller has taken care of anything that was agreed to and to make sure there aren't any new issues (roof leak, lightening strike, etc). After the final walk-through you will sign-off on the property meaning that you accept it in its current condition.
STEP 27: Time to go to the bank and get your CASHIER's CHECK for the amount of your closing costs as determined by the title company.
STEP 28: Your Realtor will schedule a time for your closing. You will need to allow 45 minutes to an hour for the process.
STEP 29: Close on your new home. YEAH!!
STEP 30: CELEBRATE!!
STEP 31: If you have been satisfied with Your Realtor, please take the time to write a letter of recommendation and a short testimonial for them to share. Think about friends, family, co-workers, or anyone else that you know that would appreciate having the same kind of quality service when they buy or sell. This might be someone that just had a new baby, got a promotion, their child moved away to college, they are being relocated by their job, etc.
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Below you are several resources that will better prepare you for buying your new home. To request your free resource, simply call the toll-free number and dial the extension when prompted to do so.
Book: Preparing to Buy A Home
This book has been written by Your Realtor, Greg Moss, in a very easy to read format and is designed to help you get familiar with the terms and important information you need in to know in order to make an educated decision on your new home.
To receive your FREE copy, call (877) 733-9493 and enter extension 131
Report: "How to Find the Right House For You and Your Family"
To receive your FREE copy, call (877) 733-9493 and enter extension 132
Report: "5 Things You Must Know Before You Buy A Home"
To receive your FREE copy, call (877) 733-9493 and enter extension 133
Report: "20 Mortgage Terms You Must Know and Understand"
To receive your FREE copy, call (877) 733-9493 and enter extension 134
Report: "9 Common Mistakes Buyer's Make When Getting a Mortgage"
To receive your FREE copy, call (877) 733-9493 and enter extension 135
Report: "Should You Own Your Own Home?"
To receive your FREE copy, call (877) 733-9493 and enter extension 136
Report: "Secrets Most Lenders Don't Want You to Know!"
To receive your FREE copy, call (877) 733-9493 and enter extension 137
Report: "6 Negotiating Tips When You Buy Your Next Home"
To receive your FREE copy, call (877) 733-9493 and enter extension 138
Report: "How to Buy Your First Home"
To receive your FREE copy, call (877) 733-9493 and enter extension 150
Report: "How to Assure A Smooth Closing on Your New Home"
To receive your FREE copy, call (877) 733-9493 and enter extension 140
Report: "How Much Do I Qualify For?"
To receive your FREE copy, call (877) 733-9493 and enter extension 141
Report: "Determine the Best Financing Option"
To receive your FREE copy, call (877) 733-9493 and enter extension 142
Report: "Stop Paying Rent Forever!"
To receive your FREE copy, call (877) 733-9493 and enter extension 143
BUYER TIP
"It is important you to discover your motivation for buying a home and stay focused on it through-out the process. That way, if there are hurdles along the way, they will not allow themselves to get discouraged. You should write your motivation down and display it in common places like at your computer, on your fridge, your bathroom mirror, in your car, etc."
Greg Moss
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