Buying a Home in Glens Falls?
With a little planning ahead of time, buying a home isn’t that complicated, but the event is intimidating for many people. I like to give buyers an overview of the entire deal so they’ll understand exactly what to expect. Here are my nine steps to purchasing a home.
When you’re ready to get started, you can contact me here or send e-mail to brian@GlensFallsAreaHomes.com. I’m happy to answer questions you have regarding this information.
Step 1 – Get ready to buy
There are plenty of things you need to contemplate before beginning your home search. When you begin your search, you’ll want to form an outline of items you want, get a plan of what neighborhoods and school districts you’d like to live in, and start working on your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule to go by.
Step 2 – Get with a real estate agent
This is where Levack Real Estate, Inc. can help. We’ll arrange 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 discuss neighborhoods, schools in the Glens Falls area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I’ll help you start the loan process. I partner with some of Glens Falls’s best mortgage professionals, so you’re in great hands. They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our initial meeting, I’ll start searching for available homes on the market that meet your needs. I’ll preview many of the houses and ignore the duds, and then we’ll book appointments to view the homes at a time that’s convenient for you.
As we view houses, I’ll call attention to good features and negative ones. I’ll even ask you to point out what things you like and don’t like. It’s widely common for buyers to amend their wish list as we view homes and some things become far more crucial than others. If such is the case, I’ll go back through all the listings one more time and narrow it down to the home you’ve been waiting for.
Step 4 – Get a grasp of the housing market
My understanding of the Glens Falls home market is an indispensable resource in your home search. I’m mindful of all the school districts and neighborhoods, and I’ll communicate which areas are “hot” and call for prompt action and others that are “cold” and allow for thoughtful examination.
As we tour houses, I’ll be sure to tell you when the seller’s list price has room for negotiation and also when I believe the home is “priced to sell.” When working with an agent, be careful and make sure you ask lots of questions. Any real estate agent in Glens Falls will tell you they comprehend the market. If it appears they don’t know everything, contact me at (518) 210-7897 or e-mail me at brian@GlensFallsAreaHomes.com, and I’d be happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I’m positive we’ll find the house of your dreams in the Glens Falls area, and when we do, I’ll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your offer, you’ll likely need to present “earnest money.” This is a cash deposit submitted to a seller to secure an offer to purchase the property and is most often applied to the cost of closing. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren’t closed on the beginning offer – it’s pretty common to receive a counter offer. Don’t let it intimidate you. We’ll consider whether or not to take the counter offer, propose our own counter offer, or decline the seller’s offer and go on.
Market circumstances will play a part in how aggressively we negotiate the deal. We’ll also work within your budget. And when it’s all said and done, we’ll create a contract that’s best for you.
Step 7 – Secure financing
Upon signing the contract, you’ll begin working with your lender to close the loan. If you’re already pre-approved, it shouldn’t take much time at all. But you should to stay in close contact with your mortgage lender. And I’ll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your loan application. You’ll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your loan application. This estimate depends on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a tight range of accuracy. I’ll study the estimate and let you know if it all looks all right.
Then it’s time to close on your home. This will probably take place at a title company or escrow office and will most likely be a smooth and comfortable affair.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at (518) 210-7897 or send me an e-mail.