Buying a home in Central Ohio
With a little up-front planning, buying a home isn't that complex, but it still is intimidating for many people. We like to give buyers an outline of the entire deal so they'll know exactly what to expect. Here are our nine steps to purchasing a home.
Should you have any questions regarding this information or if you're ready to get started, you can contact us here or send e-mail to Nathan@goldengaterealestate.org
Step 1 – Get ready to purchase
There are several things you should take into account before you start searching for a home. It's likely that you'll want to create an outline of must-haves, get an idea of what school districts you want to live in, and start working on your budget. Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Talk to a real estate agent in Central Ohio
This is where Golden Gate Real Estate can help. We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll talk about neighborhoods and chool districts in the Central Ohio area, the mortgage industry, and any other economic factors that may potentially affect your buying decision today or in the future.
We can also help you get started on your loan. We partner with some of Central Ohio's best mortgage professionals, so you'll be in great hands. They will help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, we'll begin searching for available houses on the market that are great for you. We'll research most of the houses and remove the duds, and then we'll set up appointments to view the houses when it's convenient for you.
As we view the houses, we'll point out positive features and bad ones. we'll even ask you to tell us about things you like and dislike. It's common for buyers to update their must-have list as we tour homes and some features become far more substantial than others. If that's the case, we'll go back through all the listings one more time and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
Your agent's knowledge of the Central Ohio housing market is a leading aspect in your home search. And we assure you we're very familiar with all the school districts and neighborhoods, and we can let you know what neighborhoods are "hot" and require immediate action and the others that are "cold" and allow for thoughtful analysis.
As we tour houses, we'll make sure to communicate if the asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions, as any REALTOR® will tell you they truly understand the home market. If it doesn't seem like they know everything, contact us at (614) 888-3600 and we'll be more than happy to answer any questions you may have. Our market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We're positive we'll find the home of your dreams in the Central Ohio area. When that happens, we'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs, including several contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When sending in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is usually applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer, and it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a vital role in how aggressively we negotiate the contract. In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Get a loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. This shouldn't take much time at all if you're pre-qualified, but you'll want to keep in close contact with your lender. And we'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of taking your loan application. The estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy, and we'll go over the estimate and let you know if everything looks favorable.
Then we'll close on your home. This will likely occur at a title company or escrow office and will probably be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply call us at (614) 888-3600 or send us an e-mail.