Any major purchase requires research, careful analysis, consideration, and thought. Home buying isn't any different! Determining the right location, the number of bedrooms or bathrooms needed, and outdoor space is the easier things. However, there are many other factors to think about in your home search. From your initial search to the moment you get the keys to your new home, I will be there, guiding you through the process. I can even help connect you with mortgage professionals to get the best rates. Let's take a quick look at the process.
1. Consultation with an Olesh Residential Realtor- This is where we get to know each other. Consider it a “Meet and Greet.” We will explain our process and set up a Step-By-Step plan to purchase your next home! We can do this over a coffee.
2. Get prequalified – We can help you get squared away with a lender if you don't know where to start or what to say. From there, your lender will look at your income, credit scores, revolving debts, obligations such as child support as well as the type of loan you choose. Other factors that impact how much home you can buy is the down payment; smaller down payments mean higher monthly payments. Last, the interest rate and terms (30-year, fixed or adjustable rate) will determine what you can afford in monthly payments.
3. Make your wish list – Decide where you want to live and how many bedrooms and baths you’ll need. Consider lifestyle, location, traffic, distance to work and family, school districts, county tax rates, and much more.
4. Go Shopping and Select Your Home- This is where our services are most valued. Remember, no home is perfect, so don’t let minor flaws influence you. Think long-term. Which home best suits the activities and needs of your household now and in the years ahead? Don’t buy more than you need or can comfortably afford.
5. Make an offer - We will offer our advise based on statistics and analysis. Your offer depends on the current market. If a home has been on the market a long time, you can ask the seller for a price reduction, but if it’s new on the market, the seller is unlikely to accept a low offer. Ask your real estate professional for advice. If your offer is accepted, you are under contract.
6. Get an appraisal - The bank appraisal determines market value. If the home doesn’t appraise for the purchase price, the bank will refuse to make the loan unless you renegotiate with the seller. If it appraises, the lender will move toward closing.
7. Go to closing - Once final negotiations are complete, the parties to the transaction meet at the escrow office. All paperwork is signed by both parties. The lender pays the seller, minus any liens against the home such as the seller’s mortgage. Once all the disbursements have been made, you get the keys to your new home, according to your agreement. Congratulations! You’re ready to move into your new home!