Buying or selling a home in Bay Shore? Meg Smith and Associates Real Estate can help.
Buying a home is stressful for many people, but it's not too hard with a little up-front planning. We like to furnish buyers with an outline of the entire deal so they'll understand exactly what to expect. Below are our nine steps to purchasing a home.
When you're ready to get started, simply contact us here or send us e-mail
. We're happy to answer questions you have about this information.
Step 1 – Prepare to purchase
Prior to beginning your home search, there are plenty of things you need to take into account. When you begin your search, you'll probably want to assemble a list of features you need, get a feeling for what neighborhoods you want to live in, and begin working on your budget. Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent in Bay Shore
This is where we can help. We'd be more than happy to set up a time to meet with you and talk about your real estate needs and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Bay Shore area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
We'll also help you start the loan process. We partner with some of Bay Shore's finest mortgage professionals, so you're in great hands. They will help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
After our initial meeting, we'll start finding available homes on the market that suit your needs. We'll preview many of the homes and reject the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
As we tour houses, we'll call attention to good features and negative ones. we'll even ask you what things you like and don't like. It's widely common for buyers to update their list of must-haves as we tour houses and some things become more necessary than others. If that's the situation, we'll go back through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's understanding of the Bay Shore home market is a necessary aspect in your home search. And we can assure you we're very familiar with all the neighborhoods and school districts, and we can communicate certain districts are "hot" and call for immediate action and the ones that are "cold" and allow for more examination.
When we view homes, we'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions, as every REALTOR® in Bay Shore will claim to truly know the home market. If it doesn't seem like they know everything, contact us at (631) 647-7013 or e-mail us at firstname.lastname@example.org, and we'd be glad to answer any questions you might have. Our market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
We're confident we'll find your dream house in Bay Shore, and when we do, we'll thoroughly develop your real estate purchase offer. The offer will be written exactly to your needs. Whenever necessary, We never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon turning in your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is usually applied to the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Obtain financing
Once the contract is signed, you'll start working with your lender to close the loan. If you've been pre-approved, this shouldn't be a long process 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 will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your loan application. The estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy, and we'll review the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will probably happen at a title company or escrow office and is often a smooth and stress-free event.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact us at (631) 647-7013 or send us an e-mail.