Buying your new home in Eastern CT
Purchasing a home intimidates a lot of people, but with a little up-front planning, it isn't very complicated. So you'll know exactly what to expect, we like to give our buyers a road map of the whole deal. Below are our nine steps to buying a home. A great PDF download of the Buying process is also available HERE.
When you're ready to get started, just contact us here or send us an e-mail
. We're glad to answer any questions you have regarding this information.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are many things you'll want to take into account. When you start your search, you'll probably want to put together a checklist of items you need, get an idea of what neighborhoods you'd like to live in and begin planning your budget. Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where we can help. We provide FREE consultations and can set up a time to teleconference so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, shopping, schools in the Eastern CT area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, we'll help you start the loan process. There are some great mortgage professionals in Eastern CT that compete favorably against the national lenders, and we work with a lot of them, so you're in great hands. They will help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, we'll start looking for houses on the market that are a great fit for you. We'll research most of the houses and ignore the duds, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we tour the houses, we'll point out good features, as well as negative ones. we'll also ask you to tell us about things you like and don't like. It's pretty common for buyers to change their wish list as we tour houses and some features become more crucial than others. If that's the case, we'll look through the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
An agent's knowledge of the Eastern CT housing market is a necessary factor in your home search. And we assure you we're very familiar with all the neighborhoods and school districts, and we'll alert you to certain areas that are "hot" and demand immediate action and the ones that are "cold" and allow for thoughtful examination.
On an annual basis, Greg updates the market stats on what real warm-blooded Buyers are paying by sharing the Eastern CT closed transaction's data here: www.GardenGealty.com/sellingprices where you can see average prices paid in % terms of asking price (this gives you an idea of what you might expect in terms of wiggle room in terms of what kind of discount below asking price is occurring in the marketplace).
When we tour houses, we'll make sure to communicate when the seller's asking price has room for negotiation and when I think the home is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Every real estate agent will claim to know the home market. If it seems like they don't know everything, just call us at (860) 848-8061 or e-mail us at email@example.com, and we'll be happy to answer any questions you may have. Our understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
We're sure we'll find the home of your dreams in the Eastern CT area. When we do, we'll precisely develop your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When presenting your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property, and it's usually applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately, most deals don't close on the first offer. It's widely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to accept the counteroffer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing constraints. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Obtain financing
Once we sign the final sales contract, you'll start working with your lender to close the loan. If you've been pre-qualified, it won't take long at all. However, you'll need to stay in close contact with your lender. And we'll care for all the property information your lender will need to close the loan.>
Step 8 – Close the deal
Your lender will give you a Closing Disclosures (CD) outlining your closing costs within three days of accepting your application. This estimate rests on the loan amount and RESPA requirements in order that it has to contain all closing costs and fall within a strict range of accuracy. we'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will most often be a smooth and relaxed affair.
Step 9 – Move-in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call us at (860) 608-8659 or send us an e-mail.