Buying a new home in Milwaukee with Homestead Realty, Inc.
Buying a home intimidates many people, but it isn't too difficult with a bit of planning ahead of time.
So they understand exactly what they can expect, I like to provide buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
If you have questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
Before you start looking for a home, there are several things you need to do.
When you start your search, you'll want to put together an index of must-haves, get a feeling for what neighborhoods you'd like to live in, and start planning your budget.
A good rule of thumb to follow is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Connect with a real estate agent in Milwaukee
That's where I can help.
I'd be more than happy to book a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Milwaukee area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Milwaukee, and I work with a lot of them, so you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll begin searching for homes on the market that are a good fit for you.
I'll research most of the houses and throw out the duds, and then we'll book appointments to tour the houses at a time that's convenient for you.
When we view houses, I'll call attention to positive features and negative ones. I'll even ask you to talk about things you like and dislike.
For the most part, buyers update their wish list as we tour houses and some features become far more essential than others.
If that's the case, I'll look through the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Know the market
My knowledge of the Milwaukee housing market is a leading agent in your home search. I'm conscious of all the school districts and neighborhoods, and I'll let you know some neighborhoods are "hot" and call for immediate action and others that are "cool" and allow for careful examination.
When we view homes, I'll be sure to tell you if the list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as every REALTOR will convince you they truly know the housing market.
If it doesn't seem like they know everything, contact me at (414) 324-3202 or e-mail me at , and I'd be more than happy to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
I'm sure we'll find your dream home in the Milwaukee area. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When we present your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is often applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's extremely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to consent to the counter offer, present 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 contract.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Obtain a loan
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, it shouldn't be a long process at all. However, you should to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at (414) 324-3202 or e-mail me at .