The 9 Steps to Home Ownership

Step - 1 Make the Decision to Buy

It seems obvious, but the first step to buying a home is making the decision to buy.

Consider the reasons you want a new home and write them down.
Determine how long you want to live in the new home.

Does buying still make good financial sense?
Can you afford a home that will meet your list of requirements?

A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

Step 2 - Seek Professional Guidance

Contact a Full-Time Real Estate Professional who knows the current market to schedule a time to meet and discuss how certain factors may affect the market.

E-Mail: Brenda@BrendaRegan.com

Phone: (269) 930-7355

I will help you get pre-qualified for a mortgage loan. The fact that you are pre-qualified will help us when we are negotiating the deal.

Step 3 - Begin the Hunt

Search all resources for houses on the market that fit your criteria.

As we tour houses, I'll point out positive features and negative features. You will probably amend your "wish list" as we tour houses; some things will become more important and others less important. With this new information, we will refine our search criteria to find you the house of your dreams.

Step 4 - Know the Market

Knowledge of the local market is an essential factor in the house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour houses, we need to discuss whether the asking price has negotiating room and when the house is "priced to sell".

In a "seller's market". It is not unusual to see multiple offers on a property, full-price offers and even above-price offers. On the flip side, during a "buyer's market" there are more houses for sale than buyers. This gives us more negotiating room as houses are taking longer to sell.

Step 5 - Find Your Dream Home

When we find your Deam Home, we will put together the purchase offer tailored for your needs. The offer is presented with "earnest money". We can discuss the amount of the earnest money and what this gesture tells the seller about the seriousness of your offer to purchase their home. The "earnest money" placed in a trust account and applied to closing costs and credited you at the closing of the transaction. Closing is usually held 30 to 60 days from the accepted offer date (generally dependent on the turn around time of your mortgage financing).

Step 6 - Negotiate the Deal

It is not uncommon to receive a counter offer when the initial purchase offer is submitted. We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal. We will also work within your limits. Emotions can lead to buyer's remorse. It is better to set limits prior to negotiating an offer and stick to these limits.

Step 7 - Get a Loan

During the closing period, you will be working with your mortgage lender to close the loan. Since you were pre-qualified for the loan before starting your home search, you will be that much closer to the end. I'll gather the necessary property information your lender will need to close the loan.

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all closing costs. I will be glad to review the "Good Faith Estimate" with you, answering questions and highlighting missing costs and estimates I believe to be low.

Step 8 - Close the Deal

Quite often, the closing will be held at a local title company. Both your lender and I should be present at the closing to help answer any questions you may have. You should contact the local utility companies and service providers prior to the closing to schedule service on your move-in date. I can provide you with the contact numbers for your convenience.

Step 9 - Move In

Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting experience!

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