9 Steps to Owning
When you’re ready to get started, you can contact me and I’ll be glad to address any questions you have regarding this information.
Step 1 – Get ready to buy a home
Before you begin searching for a home, there are a lot of things you should do. It’s likely that you’ll want to assemble a checklist of features you need to have, get a feel for what neighborhoods and school districts you want to live in, and begin working on your budget. Keeping your mortgage payment less than 1/3 of your monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent
This is where I come in. We can plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We’ll discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the area.
In addition, I’ll assist you with getting started on your loan. At Remax Diamond Realty, we partner with some of the finest mortgage professionals in Guam, so you’ll be in great hands. I will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
Following our first meeting, I will start finding houses on the market that are a great fit for you. Together, we’ll preview many of the houses and reject the duds, and then I will book appointments to view the homes whenever it’s convenient for you.
As we tour homes, I will call attention to good features and negative ones. I’ll also ask you to talk about things you like and dislike. It’s pretty common for buyers to amend their wish list as we tour homes and some items become more essential than others. If that happens, we’ll search all the listings once more and narrow it down to the home you’ve been dreaming about.
Step 4 – Get a grasp of the housing market
My understanding of the housing market is a fundamental asset in your house search. I’m acquainted with all the schools and neighborhoods, and I will let you know which neighborhoods are “hot” and warrant prompt action and the rest that are “cool” and allow for careful consideration.
As we tour houses, I will let you know when the list price has room for negotiation and when I think the home is “priced to sell.” Trust your instincts and be sure to ask your agent lots of questions. Our market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream house
I’m certain that I can help you find the home of your dreams. When we do, I will meticulously create your home purchase offer. The offer will be tailored with your needs in mind, including several contingencies. A few examples are acquiring financing, carrying out the inspection, and a clean title.
When I present your offer, you’ll need to submit “earnest money.” This is a cash deposit made to the seller to secure the offer to buy the property and is typically put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don’t close on the first offer – it’s very common to receive a counter offer. Don’t let it alarm you. We’ll consider whether or not to consent to the counter offer, present our own counter offer, or refuse the seller’s offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the contract. 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 – Get financing
Once the deal is complete, you’ll begin working with your mortgage lender to close the loan. This won’t take much time at all if you’re pre-approved, but you need to keep in close contact with your lender. And I will deal with 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) outlining closing costs from your lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I will study the estimate and let you know if everything looks all right.
Then it’s time to close on your home. This will most likely take place at a title company or escrow office and should be a smooth and relaxed event.