Let Dirt Road Realty help you with buying your new home in Rhinebeck
Buying a home is intimidating for a lot of people, but it isn't all that complex with a bit of up-front planning. So you'll know exactly what to expect, I like to give my buyers a road map of the whole deal. Below are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are many things you'll want to contemplate prior to commencing your home search. When you begin your search, you'll want to create a list of must-have features, get a feel for what neighborhoods and school districts you'd like to live in, and begin planning around your budget. A good rule to go by is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent in Rhinebeck
This is where I come in. I'd love to arrange a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss everything from neighborhoods, schools in the Rhinebeck area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan. I partner with some of the finest mortgage professionals in Rhinebeck, so you'll be in great hands. They can assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After we meet, I'll start searching for houses on the market that are a good fit for you. I'll research many of the houses and reject the bad ones, and then we'll set up appointments to view the houses when it's most convenient for you.
As we tour the houses, I'll identify positive features and bad ones. And I'll ask you about things you like and don't like. It's widely common for buyers to change their list of must-haves as we tour homes and some features become far more crucial than others. If that's the situation, I'll go back through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Understand the housing market
An agent's understanding of the Rhinebeck housing market is a necessary aspect in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will alert you to what neighborhoods are "hot" and warrant prompt action and the rest that are "cold" and allow for thoughtful analysis.
When we tour houses, I'll let you know when the seller's list price has room for negotiation and also when I think the home is "priced to sell." Every real estate agent in Rhinebeck will claim to understand the market, but take notice, and be sure to ask your agent a lot of questions. If it doesn't seem like they know everything, just call me at (845) 876-3502 or e-mail me at email@example.com, and I'll be more than happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm positive we'll find the home of your dreams in Rhinebeck. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, completing the home inspection, and a clean title.
Upon submitting your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property, and it's usually applied to the closing costs. If your offer is accepted, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure financing
Upon completion of the deal, you'll start working with your lender to close the loan. This won't take long at all if you've been pre-approved, but you need to keep in close contact with your lender. And I'll take care of all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your loan application. The estimate is formed from the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (845) 876-3502 or send me an e-mail.