The first step to buying a new house is simply making the decision to buy. Consider the reasons you want a new house and write them down. Consider the following:
Does buying still make good financial sense?
How long will you want to live in your new house?
What features do you want/need in your new house?
Can you afford a house that will meet your list of requirements? (A rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income)
Step 2 - Seek Professional Guidance
I would like to schedule time to meet with you to hear about your ideas on buying a new house. We can talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.
At this time, I will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from a loan officer indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount. Being pre-qualified will make us more attractive to home owners and put us in a stronger negotiating position.
Step 3 - Begin the Hunt
After our initial meeting, I will search all my resources for houses on the market that fit your criteria. You will be set up in my system to receive email notices of all new listings on the market that fit the profile we will have filled out for you. We can preview these houses to eliminate those which don't fit your needs and focus on the one's closest to meeting your profile. We will then schedule appointments to tour the selected houses at times convenient to you.
As we tour houses, I'll point out positive and negative features and will ask you to tell me what you like and what you don't like. You will likely 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 narrow the focus on the house of your dreams.
Step 4 - Know the Market
My knowledge of the Fort Wayne market is an essential factor in your house search. I'll let you know when the market in a particular neighborhood is "hot" and requires immediate action or when we can take more time in thoughtful consideration.
As we tour houses, we'll discuss whether the asking price has negotiating room or if the house is "priced to sell". Our goal is to stay ahead of the "house hunting competition".
The Fort Wayne area is still in a "buyer's market". There are more houses for sale than buyers currently. This does give us more negotiating room as houses are taking longer to sell.
Step 5 - Find Your "Next Home"
I'm confident we'll find a house that will come close to meeting all your needs if not all of them! When we do, we'll put together a purchase offer tailored for your needs including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).
Step 6 - Negotiate the Deal
It is not uncommon to receive a counter offer when the initial purchase offer is submitted. We wont let that discourage us. We will discuss the counter offer and decide whether or not to accept the counter, submit our own counter offer, or reject the counter offer and move on.
Existing market conditions will play a role in how aggressively we negotiate the deal. We will also work within your financial limits. Emotions can lead to buyer's remorse. It is better to set our 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 pre-qualified for the loan before starting your home search, you will be that much closer to the end. I will assist you to gather the necessary property information your lender will need to close the loan.
Step 8 - Close the Deal
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 the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.
Step 9 - Move In
Congratulations! It's time to move into your new house and make it your home. Enjoy this exciting time. I will provide you with a list of utility providers ahead of time because it may take a couple of days for them to schedule service for you. This way when you move into your new home you will have functioning utilities immediately!
North Eastern Group Realty 10808 La Cabreah Ln Fort Wayne, IN 46845-2100
