Are you contemplating purchasing a new home in Omaha?
For a lot of people, buying a home can be intimidating. However, with a bit of planning ahead of time, it's not very complicated. We like to supply buyers with a road map of the whole deal so they know exactly what to expect. Here are our nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin looking for a home, there are many things you should take into account. You'll most likely want to make a checklist of features you need, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or around 30 percent of your net monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent
This is where we 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 plans for the future. We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Omaha area.
We can also help you facilitate the loan process. There are some great mortgage professionals in Omaha, and we work with a lot of them, so you can rest assured that you're in great hands. They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
Following our first meeting, we'll begin looking for available homes on the market that are a good fit for you. We'll get a sneak peek of most of the houses and remove the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
When we tour houses, we'll call attention to positive features, as well as bad ones. we'll also ask you about things you like and don't like. It's common for buyers to revise their list of must-haves as we view houses and some things become more substantial than others. If that's the case, we'll search all the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
Our understanding of the Omaha housing market is a fundamental asset in your home search. We are informed of all the schools and neighborhoods, and we will let you know which neighborhoods are "hot" and demand prompt action and the ones that are "cool" and allow for careful analysis.
When we view homes, we'll be sure to tell you if the list price has room for negotiation or if we believe the house is "priced to sell." Any real estate agent will convince you they comprehend the housing market, but take note, and be sure to ask lots of questions. If things don't add up, contact us at (402) 991-2767 or e-mail us at firstname.lastname@example.org, and we'll be glad to answer your questions. Our market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
We're confident we'll find the home of your dreams in Omaha. When that happens, we'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
When presenting your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property. The amount is often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer. It's really common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a deal that works well for you.
Step 7 – Get your loan
Once the contract is finished, you'll start working with your lender to close the loan. If you've been pre-qualified, it won't take very long at all, but you should to keep in close contact with your mortgage lender. And we'll look after all the property information your mortgage lender will need to close the loan.>
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your loan application. This estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy, and we'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your house. This should occur at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just call us at (402) 991-2767 or send us an e-mail.
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