Are you contemplating buying a home in Milwaukee? Homestead Realty, Inc. can help.
Purchasing a home is an intimidating event for a lot of people. However, with some up-front planning, it's not very confusing.
So they understand exactly what they can expect, I like to give buyers an outline of the whole deal.
Here are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Get ready to buy
There are a lot of things you need to contemplate before you start searching for a home.
When you begin your search, you'll want to put together a checklist of features you want to have, get a feel for what school districts you want to live in, and start planning around your budget.
Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent
This is where I can help.
We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and schools in the Milwaukee area.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Milwaukee, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll begin searching for available homes on the market that suit your needs.
I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the homes, I'll point out positive features, as well as negative ones. And I'll ask you what things you like and dislike.
It's common for buyers to amend their list of must-haves as we view homes and some features become far more crucial than others.
If that's the situation, I'll look through the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Comprehend the market
An agent's awareness of the Milwaukee market is an imperative agent in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I will let you know which neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for careful examination.
As we tour houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as every real estate agent in Milwaukee will claim to comprehend the market.
If things don't add up, just call me at (414) 324-3202 or e-mail me at , and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
We'll find your dream home in Milwaukee, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as obtaining financing, finishing the home inspection, and a clean title.
When sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer. It's very common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your financing limits. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Secure financing
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all. However, you need to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of taking your application.
The estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at (414) 324-3202 or e-mail me at .