Buying your home in Pittsburgh?
Purchasing a home is stressful for a lot of people, but it's not very difficult with a little planning ahead of time. So you know exactly what to expect, we like to furnish our buyers with a road map of the entire deal. Here are our nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are many things you need to do before starting your home search. You'll most likely want to assemble a list of items you need to have, get a feeling for what school districts and neighborhoods you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent
This is where Hanley Agency, Inc. can help. We'll 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 neighborhoods, school districts in the Pittsburgh area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
We'll also help you start the loan process. We work with some of the best mortgage professionals in Pittsburgh, so you'll be in great hands. They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After we meet for the first time, we'll start finding homes on the market that are a good fit for you. We'll preview many of the houses and remove the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we tour homes, we'll call attention to positive features and negative ones. we'll even ask you to talk about things you like and don't like. Generally, buyers revise their wish list as we tour homes and some features become far more necessary than others. If such is the case, we'll go back through the listings another time and narrow it down to the house of your dreams.
Step 4 – Understand the market
Our awareness of the Pittsburgh housing market is an indispensable advantage in your search. We are acquainted with all the school districts and neighborhoods, and we'll will communicate some areas are "hot" and require immediate action and the others that are "cool" and allow for careful analysis.
When we view houses, we'll be sure to tell you when the seller's asking price has room for bargaining and also when we think the home is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions, as every REALTOR® will convince you they comprehend the market. If things don't add up, just call us at 412-422-7900 or e-mail us at Dennis@hanleyappraisals.com, and we'll be happy to answer any questions you have. Our understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
We know we'll find the home of your dreams in the Pittsburgh area. When we do, we'll carefully develop your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
Upon sending in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property. The amount is often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows ample 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. But don't let this intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market. We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
Upon finalizing the contract, you'll begin working with your lender to close the loan. If you're already pre-qualified, this shouldn't take long at all. But you'll want to stay in close contact with your mortgage lender. And we'll take care of all the property information your mortgage 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 getting your loan application. The estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and be within a close range of accuracy, and we'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your house. This should occur at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, simply contact us at 412-422-7900 or send us an e-mail.