Are you looking to buy your home in Rhinelander? KEY INSIGHT, LLC Real Estate Services can help.
Purchasing a home is intimidating for a lot of people, but it isn't very confusing with a bit of up-front planning.
I like to give buyers an overview of the entire deal so they'll know exactly what to expect.
These are my nine steps to buying a home.
If you have any questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are several things you need to consider prior to starting your home search.
You'll want to create an index of features you want, get a feeling for what school districts you'd like to live in, and begin planning around your budget.
A good guideline to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Connect with a real estate agent
This is where KEY INSIGHT, LLC Real Estate Services comes in.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Rhinelander area.
In addition, I'll assist you in getting started on your loan.
There are some excellent mortgage professionals in Rhinelander, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start your home search
After our initial meeting, I'll begin searching for homes on the market that meet your needs.
I'll research many of the houses and remove the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we view the homes, I'll call attention to good features, as well as negative ones. I'll also ask you about things you like and dislike.
Frequently, buyers revise their list of must-haves as we tour homes and some items become far more important than others.
If that's the case, I'll look through the listings once again and narrow it down to the home of your dreams.
Step 4 – Know the housing market
An agent's awareness of the Rhinelander market is a necessary component in your house search. And I can assure you I'm familiar with all the neighborhoods and school districts, and I'll let you know certain districts are "hot" and require immediate action and the ones that are "cold" and allow for more consideration.
As we tour houses, I'll make sure to communicate when the list price has room for negotiation and when I know the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as any REALTOR will tell you they truly know the market.
If things don't add up, contact me at 715-362-5151 or e-mail me at , and I'd be happy to answer your questions. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find your dream home
I'm confident we'll find your dream house in the Rhinelander area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies, such as acquiring financing, completing the home inspection, and a clear title.
When sending in your offer, most likely you'll need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is most often put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer. It's pretty common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Obtain your loan
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan.
This won't take very long at all if you're already pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of getting your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This should occur at a title company or escrow office and will probably be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at 715-362-5151 or e-mail me at .