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Realty Professionals
8070 21 Mile Rd.
Shelby Twp., MI 48317
ph:  586.932.2660
fax: 586.932.2662
al@mirealtypros.com
Home > 9 Steps to Buying a Home
9 Steps to Buying a Home

Let Realty Professionals assist you in purchasing your home in Macomb County

Purchasing a home is an intimidating event for a lot of people. However, with a little planning ahead of time, it isn't all that hard. I like to supply buyers with a road map of the whole deal so they understand exactly what they can expect. Below are my nine steps to buying a home.

Should   you have questions about this information or if you're ready to get started,   you can contact me here or e-mail me at al.phillips@comcast.net.

 

Step 1 – Get ready to buy
Before you begin searching for a home, there are many things you'll want to take into account. You'll probably want to put together an outline of features you want to have, plan for what school districts and neighborhoods you want to live in, and begin planning your budget. A good rule to go by is that your mortgage payment should be close to 30 percent of your net monthly income.

Step 2 – Talk to a real estate agent in Shelby Township
This is where Realty Professionals can help. I'd be more than happy to set up a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, schools in the Shelby Township area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.

I can also assist you in getting started on your loan. There are some excellent mortgage professionals in Shelby Township, and I partner with a lot of them, so you can rest assured that you're in great hands. They will help you figure out which type of loan is best for you, as well as help you get qualified.

Buying a HouseStep 3 – Begin house-hunting
After we meet for the first time, I'll start searching for available homes on the market that are a good fit for you. I'll research most of the houses and remove the duds, and then we'll book appointments to tour the houses whenever it's most convenient for you.

As we tour the houses, I'll call attention to positive features and negative ones. And I'll ask you about things you like and dislike. Generally, buyers change their wish list as we tour homes and some features become more crucial than others. If that's the situation, I'll go back through the listings again and trim it down to the home you've been waiting for.

Step 4 – Get a grasp of the market
My awareness of the Shelby Township housing market is an indispensable benefit in your home search. I am conscious of all the neighborhoods and schools, and I will let you know some neighborhoods are "hot" and call for immediate action and the ones that are "cold" and allow for more examination.

When we tour homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I believe the house is "priced to sell." Every REALTOR® in Shelby Township will convince you they understand the market, but take note, and make sure you ask your agent a lot of questions. If it seems like they don't know everything, call me at 586-932-2660 or e-mail me at al.phillips@comcast.net, and I'll be happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.

Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in the Shelby Township area. When we do, I'll precisely develop your home purchase offer. Mortgage ApplicationThe offer will be tailored exactly to your needs, including several contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.

When turning in your offer, you'll likely need to present "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's often applied to the cost of closing. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.

Market conditions will play a vital role in how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.

Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan. If you're already pre-approved, it shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender. And I'll deal with all the property information your lender needs to close the loan.

Moving In!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 is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if everything looks permissible.

Then it's time to close on your home. This should happen at a title company or escrow office and will most often be a smooth and relaxing occasion.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at 586-932-2660 or send me an e-mail.