Are you contemplating purchasing a home in Glens Falls? Levack Real Estate, Inc. can help.
With a little planning ahead of time, buying a home isn’t too hard, but it still is intimidating for a lot of people. So you’ll know exactly what to expect, we like to furnish our buyers with an overview of the entire deal. These are our nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are a lot of things you should take into account before starting your home search. It’s likely that you’ll want to assemble a list of items you want, plan for what neighborhoods you want to live in, and begin working on your budget. A good principle to go by is that your mortgage payment should be no more than 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Glens Falls
This is where we come in. We’ll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We’ll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Glens Falls area.
We’ll also help you begin the loan process. We work with some of the finest mortgage professionals in Glens Falls, so you’re in great hands. They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking
After our initial meeting, we’ll start searching for available homes on the market that suit your needs. We’ll get a sneak peek of many of the homes and ignore the duds, and then we’ll book appointments to view the homes at a time that’s convenient for you.
When we tour houses, we’ll identify positive features, as well as bad ones. And we’ll ask you to talk about things you like and dislike. It’s pretty common for buyers to change their wish list as we view houses and some items become far more essential than others. If that’s the situation, we’ll go back through the listings once more and narrow it down to the house of your dreams.
Step 4 – Know the market
An agent’s awareness of the Glens Falls housing market is an essential factor in your house search. And we assure you we’re well acquainted with all the neighborhoods and schools, and we will let you know some areas are “hot” and call for prompt action and the others that are “cold” and allow for more analysis.
As we view homes, we’ll make sure to communicate if the seller’s asking price has room for negotiation or if I believe the home is “priced to sell.” When working with an agent, trust your instincts and be sure to ask lots of questions, as every real estate agent in Glens Falls will tell you they understand the housing market. If things don’t add up, contact us at Call: +518 210 7897 or e-mail us, and we’ll be glad to answer any questions you may have. Our market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you’ve been waiting for
We’re confident we’ll find your dream house in Glens Falls. When that happens, we’ll meticulously develop your purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
When presenting your offer, you’ll need to present “earnest money.” This is a cash deposit given to the seller to secure the offer to purchase the property and is usually applied to the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren’t closed on the initial offer, and it’s widely common to receive a counter offer. But don’t let it alarm you. We’ll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller’s offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal. In addition, we’ll work within your financing budget. And when it’s all said and done, we’ll assemble a contract that works well for you.
Step 7 – Obtain a loan
Once the contract is signed, you’ll start working with your mortgage lender to close the loan. If you’ve been pre-approved, this won’t take long at all, but you need to keep in close contact with your lender. And we’ll deal with all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You’ll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your loan application. This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy, and we’ll analyze the estimate and let you know if it all looks good.
Then we’ll close on your house. This will most often happen at a title company or escrow office and will probably be a smooth and easygoing occasion.