Are you contemplating buying a home in Rhinelander?
For many people, buying a home can be an intimidating event. But with a bit of up-front planning, it isn't very confusing.
I like to provide buyers with an outline of the entire deal so they'll know exactly what to expect.
Below are my nine steps to purchasing a home.
If you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are several things you'll want to contemplate before you look for a home.
When you begin your search, you'll want to create a checklist of must-have features, get a feeling for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent in Rhinelander
This is where KEY INSIGHT, LLC Real Estate Services can help.
I'd like to arrange a time to meet with you and communicate with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Rhinelander area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
KEY INSIGHT, LLC Real Estate Services partners with some of the best mortgage professionals in Rhinelander, so you can rest assured that you're in great hands.
They will assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin looking for available homes on the market that meet your needs.
I'll research many of the homes and throw out the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll call attention to good features and bad ones. I'll also ask you to tell us about things you like and dislike.
Most often, buyers change their list of must-haves as we tour houses and some features become more important than others.
If that's the situation, I'll go back through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My awareness of the Rhinelander housing market is a leading aspect in your home search. I am mindful of all the neighborhoods and school districts, and I will communicate certain districts are "hot" and warrant prompt action and others that are "cold" and allow for cautiousness.
When we view houses, I'll be sure to tell you when the asking price has room for negotiation and when I know the house is "priced to sell."
Trust your instincts and make sure you ask lots of questions, as every real estate agent will tell you they know the home market.
If it doesn't seem like they know everything, call me at 715-362-5151 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream house in the Rhinelander area, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When turning in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's most often applied to the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's really common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Get your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
This shouldn't be a long process at all if you're already pre-qualified, but you'll need to keep 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 mortgage lender will supply you with a Loan Estimate (LE) of your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of getting your loan application.
This estimate is formed from the loan amount. RESPA requirements order that it has to involve all closing costs and be within a tight range of accuracy, and I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will likely happen at a title company or escrow office and is often a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 715-362-5151 or e-mail me at .