Are you looking to buy a new home in Cape Girardeau? Realty Executives of Cape County can help.
Buying a home can be stressful for many people, but it's not too hard with some up-front planning.
I like to supply buyers with an outline of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Get ready to purchase a home
There are many things you should consider before you look for a home.
You'll probably want to make a check list of must-have features, get an idea of what school districts you'd like to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent
That's where I can help.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the Cape Girardeau area, the mortgage industry, and any other economic factors that may affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
Realty Executives of Cape County works with some of the finest mortgage professionals in Cape Girardeau, so you'll be in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll begin looking for houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and ignore the bad ones, and then we'll book appointments to tour the houses when it's most convenient for you.
As we tour the homes, I'll call attention to positive features and bad ones. I'll also ask you what things you like and don't like.
Oftentimes, buyers amend their must-have list as we tour homes and some items become far more necessary than others.
If that's the situation, I'll look through the listings again and narrow it down to the home you've been dreaming about.
Step 4 – Know the housing market
My knowledge of the Cape Girardeau housing market is a crucial factor in your home search. I'm informed of all the neighborhoods and school districts, and I'll alert you to which areas are "hot" and call for immediate action and others that are "cool" and allow for more consideration.
When we view houses, I'll make sure to communicate if the asking price has room for bargaining or if I believe the home is "priced to sell."
Be mindful and be sure to ask your agent lots of questions, as any REALTOR will claim to comprehend the market.
If it appears they don't know everything, call me at (573) 335-8111 or e-mail me at , and I'd be glad to answer your questions. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find your dream house
We'll find your dream home in the Cape Girardeau area, and when that happens, I'll carefully create your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as getting financing, completing the home inspection, and a clear title.
When presenting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property and is usually applied to the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Secure financing
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all, but you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will likely occur at a title company or escrow office and is often a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (573) 335-8111 or e-mail me at .