Are you purchasing a new home in Wayne or the local area?
Pashman Realty & Management Co., LLC can help.
Purchasing a home can be stressful, but with some advance planning it isn't very complex. We like to supply buyers with an overview of the entire deal so they understand exactly what to expect. Below are our nine steps to purchasing a home.
If you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or send e-mail to firstname.lastname@example.org
Step 1 – Get ready to buy a home
Before you start your home search you will want to make a checklist of features you want to have, get a feel for what neighborhoods in which you want to live in, identify the school districts you want your children to attend and begin planning around your budget. In general it is a good guideline to adhere to keeping your mortgage payment less than or around 1/3 of your net monthly income.
Step 2 – Communicate with a local Wayne real estate agent
This is where Pashman Realty & Management Co., LLC can help. We will arrange a time to meet so we can talk about your real estate needs and get an idea of your future plans. We will discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the area in which you want to live.
In addition, we will help you start the loan process through our relationships with local mortgage professionals. Once you choose the mortgage broker with whom you are comfortable, they will assist you in deciding which type of loan is best for your and help you get qualified.
Step 3 – Start looking for a house
After this initial meeting, we will start working with you to begin searching for houses on the market that are a good fit for you. Your Agent will preview, where possible, many of the homes to eliminate those that don't fit the criteria that you have identified. Then, at your convenience we will schedule appointments to tour the homes.
When touring the houses, both positive features and negative features will be identified. At that time you can share the things you like and don't like. It is not uncommon to revise you "must-have" list while you identify new items that become more evident. If that happens, the listings can be reviewed in order to narrow down the list to find the "home of your dreams".
Step 4 – Know the market
Our Agents are well acquainted with all the neighborhoods and schools. You will be alerted to those neighborhoods that are "hot" and require immediate action and the ones that are "cold" and allow for thoughtful consideration.
When viewing each of the houses, we can discuss if the list price has room for negotiation or if we believe the home is "priced to sell." When working with our agents, you will find that they make it their business to be able to answer all your questions. Contact us at (973) 904-0149 or e-mail us at email@example.com, and we will be glad to answer your questions. Our market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
We are positive that we can help you find the house of your dreams in Wayne or the local area, and when we do, we will meticulously develop your purchase offer. The offer will be written with your needs in mind.
When you submit your offer, you will want to submit "earnest money", this is a cash deposit submitted to a seller to secure the offer to purchase the property. It is normally held in the Escrow Account of the Seller's Attorney and is put towards the closing costs at Closing. If the seller accepts the offer, you can expect to close from 30 to 60 days afterward. This will allow sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer, although it is extremely common to receive a counter offer. We will discuss the counter offer to consider whether or not to agree, submit our own counter offer, or reject the seller's offer and move on.
The state of the market will play a large role in how aggressively the deal can be negotiated. We will also work within your financing constraints in order to compose a deal that works well for you.
Step 7 – Get your loan
Upon signing the contract, you will need to begin working with your mortgage lender to close the loan. If you're pre-approved, it shouldn't take much time at all. But you'll need to keep in close contact with your mortgage lender. Your agent will sort out all the property information and paperwork that your lender will need to close the loan.
Step 8 – Close the deal
Under the federal regulations that took effect on October 3rd, 2015 from the Consumer Financial Protection Bureau (CFPB), disclosures given to consumers are different than in the past. The Good Faith Estimate and Truth in Lending disclosure have since been merged and called the "Loan Estimate". The HUD-1 Settlement Statement and final Truth in Lending disclosure given at the closing will be now be merged into a new disclosure called the "Closing Disclosure". Home buyers are required to be given a minimum review period after receiving both documents before they are allowed to consummate the transaction and close on their new home. You will need to consult with your mortgage broker to assist you in understanding all the changes that have taken effect.
Closing on your home will most often occur at the Seller's attorneys office. You may anticipate a smooth and easygoing closing with well-organized paperwork.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. If you need anything or have any questions, just contact us at (973) 904-0149 or send an email to firstname.lastname@example.org.