Contemplating purchasing a home in Gibson County? Paschall Real Estate can help.For many people, buying a home is a stressful event. But with some up-front planning, it's not very complicated. We like to furnish buyers with a road map of the whole deal so they understand exactly what to expect. Below are our nine steps to buying a home.
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Step 1 – Get ready to purchase a home
Prior to starting your home search, there are plenty of things you need to contemplate. You'll want to form a list of items you want to have, plan for what school districts and neighborhoods you'd like to live in, and begin working on your budget. A good rule of thumb to go by is that your mortgage payment should be 1/3 of your monthly income.
Step 2 – Contact a real estate agent
This is where Paschall Real Estate can help. We can arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Gibson county area.
We can also help you begin the loan process. Paschall Real Estate partners with some of Gibson County's best mortgage professionals, so you can rest assured that you're in great hands. They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
Following our first meeting, we'll begin looking for available homes on the market that meet your needs. We'll preview most of the homes and exclude the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we tour houses, we'll identify good features and bad ones. We will also ask you to talk about things you like and don't like. It's common for buyers to amend their must-have list as we view houses and some items become far more necessary than others. If that happens, we will search the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
Our understanding of the Gibson county market is an essential asset in your search. We're familiar with all the neighborhoods and schools, and we can let you know certain areas are "hot" and warrant prompt action and the others that are "cold" and allow for careful consideration.
When we view houses, we'll make sure to communicate when the seller's list price has room for bargaining and when we believe the home is "priced to sell." Any real estate agent in Gibson county area will convince you they truly understand the home market, but beware, and make sure you ask your agent lots of questions. If it appears they don't know everything, call us at 731-855-3999 or e-mail us at firstname.lastname@example.org, and we'll be happy to answer your questions. Our market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We are confident we'll find your dream home in Gibson county. When we do, we will thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When presenting your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property and is usually applied to the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. We'll also work within your budget. And when it's all said and done, we'll create a deal that works well for you.
Step 7 – Secure your loan
After the deal is complete, you'll start working with your lender to close the loan. If you're pre-approved, it won't be a long process at all, but you should to keep in close contact with your lender. And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your loan application. The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy, and we will examine the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and hassle-free event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact us at 731-855-3999 or send me an e-mail.