Buying or selling a home?
With a little planning ahead of time, buying a home isn't too complicated, but it still is stressful for many people. We like to provide buyers with an overview of the whole deal so they know exactly what to expect. Here are our nine steps to purchasing a home.
When you're ready to get started, you can contact us here or send us e-mail
. We're happy to answer questions you have about this information.
Step 1 – Prepare to purchase
Before you commence your home search, there are a lot of things you need to consider. It's likely that you'll want to make an index of items you need to have, get a plan of what neighborhoods and school districts you want to live in, and start planning around your budget. A good rule of thumb to go by is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Anchorage
This is where we can help. We'd love to set up a time to get together with you and communicate with you 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 could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Anchorage area.
We'll also assist you with getting started on your loan. There are some very good mortgage professionals in Anchorage, and we partner with a lot of them, so you can rest assured that you're in great hands. They can assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our first meeting, we'll start looking for homes on the market that are good for you. We'll get a sneak peek of many of the homes and ignore the bad ones, 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, as well as negative ones. we'll even ask you to tell us about things you like and dislike. It's pretty common for buyers to update their list of must-haves as we tour houses and some features become more important than others. If that happens, we'll look through the listings again and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
Your agent's awareness of the Anchorage home market is a fundamental element in your home search. And we can assure you we're well-versed in all the neighborhoods and schools, and we can alert you to certain districts are "hot" and demand immediate action and the ones that are "cool" and allow for more analysis.
As we view houses, we'll let you know when the list price has room for negotiation and also when we trust the house is "priced to sell." When working with an agent, be careful and make sure you ask a lot of questions. Every real estate agent in Anchorage will tell you they truly know the housing market. If things don't add up, contact us at (907) 248-3606 or e-mail us at firstname.lastname@example.org, and we'll be more than happy to answer any questions you have. Our market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find your dream home
We're sure we'll find the home of your dreams in Anchorage, and when that happens, we'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, We never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon presenting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is often put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the beginning offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure financing
After we sign the final contract, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, it won't take much time at all, but you'll want to stay in close contact with your lender. And we'll handle all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application. This estimate depends on the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a narrow range of accuracy. we'll go over the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This should occur at a title company or escrow office and will likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact us at (907) 248-3606 or send us an e-mail.