Are you contemplating purchasing a home in Tucumcari? McElroy & Associates can help.

Buying a home is intimidating for a lot of people, but with a little up-front planning, it's not all that complicated. So they understand exactly what they can expect, I'll furnish buyers with an overview of the whole deal. Here are my nine steps to buying a home. When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.

Step 1 – Get ready to purchase a home
There are many things you should take into account prior to commencing your home search. You'll probably want to form an outline of features you want, get a feel for what school districts you'd like to live in, and start planning around your budget. A good principle to go by is that your mortgage payment should be close to 30 percent of your net monthly income.

Step 2 – Connect with a real estate agent
That's where I can help. We'll schedule 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 discuss neighborhoods, schools in the Tucumcari area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.

In addition, I'll help you get started on your loan. I work with some of Tucumcari's best mortgage professionals, so you'll be in great hands. They can help you determine which type of loan is best for you, as well as help you get approved.

Step 3 – Start house hunting
After our initial meeting, I'll start looking for homes on the market that are good for you. I'll research many of the houses and throw out the duds, and then we'll set up appointments to tour the homes when it's convenient for you.

As we tour the homes, I'll identify good features and bad ones. And I'll ask you what things you like and don't like. Oftentimes, buyers update their must-have list as we view homes and some features become far more essential than others. If such is the case, I'll search all the listings once again and trim it down to the house you've been waiting for.

Step 4 – Understand the market
My awareness of the Tucumcari housing market is an imperative factor in your home search. I'm informed of all the neighborhoods and schools, and I'll alert you to what neighborhoods are "hot" and require immediate action and others that are "cold" and allow for thoughtful examination.

As we tour homes, I'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 on guard and make sure you ask lots of questions, as any real estate agent will tell you they know the market. If things don't add up, call me at 575 461-2100 or e-mail me at , and I'll be happy to answer your questions. My 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'll find your dream home in the Tucumcari area, and when we do, I'll thoroughly develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, finishing the home inspection, and a clean title.

When we turn in your offer, most likely you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property. The amount is most often put towards the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer, and it's pretty common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.

Market conditions determine how aggressively we negotiate the deal. We'll also work within your financing limits. And at the end of the day, we'll compose a deal that is best for you.

Step 7 – Get a loan
After the deal is signed, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't be a long process at all, but you'll need to stay in close contact with your lender. And I'll deal with all the property information your lender needs to close the loan.

Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) of closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of getting your application. The estimate is based on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy, and I'll study the estimate and let you know if it all looks permissible.

Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and stress-free occurrence.

Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just call me at 575 461-2100 or e-mail me at .

Looking to Sell?

Are you looking to sell your house? Let us help you. Just fill out as much of the information below that you want and we'll get right back to you, with no obligation to you. We guarantee your privacy.

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