Buying or selling a home?

Buying a home is an intimidating event for a lot of people, but with some up-front planning, it's not that difficult. So they understand exactly what they can expect, I'll provide buyers with an overview of the entire deal. These are my nine steps to buying a home. When you're ready to get started, just 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 buy
There are plenty of things you need to consider before you search for a home. When you begin your search, you'll probably want to put together a list of items you need to have, get a feeling for what neighborhoods you want to live in, and start planning around your budget. A good rule to adhere to is that your mortgage payment should be close to 1/3 of your monthly income.

Step 2 – Contact a real estate agent
This is where McElroy & Associates can help. I'd love to plan 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 plans for the future. We'll discuss everything from neighborhoods, schools in the Tucumcari area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.

I can also help you get started on your loan. I partner with some of the best mortgage professionals in Tucumcari, so you're in great hands. They can help you figure out which type of loan is best for you, as well as help you get qualified.

Step 3 – Start your home search
After our first meeting, I'll begin looking for available homes on the market that are good for you. I'll preview most of the homes and ignore the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.

When we view the homes, I'll show you the positive features and negative ones. And I'll ask you about things you like and dislike. It's widely common for buyers to revise their must-have list as we view houses and some things become far more essential than others. If such is the case, I'll search all the listings one more time and trim it down to the home of your dreams.

Step 4 – Understand the market
An agent's awareness of the Tucumcari market is an imperative element in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can alert you to which areas are "hot" and call for immediate action and some that are "cool" and allow for thoughtful consideration.

As we view homes, I'll let you know when the seller's list price has room for negotiation and when I know the home is "priced to sell." Be on guard and be sure to ask your agent plenty of questions, as any real estate agent will convince you they understand the home market. If it doesn't seem like they know everything, call me at 575 461-2100 or e-mail me at , and I'll be more than happy to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.

Step 5 – Find your dream house
I know we'll find your dream house in the Tucumcari area. When we do, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies, such as getting financing, finishing the home inspection, and a clear title.

When we send in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days after. This allows enough time for your mortgage financing.

Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer – it's pretty common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or reject 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 budget. And at the end of the day, we'll create a contract that works well for you.

Step 7 – Secure a loan
After the contract is signed, you'll begin working with your mortgage lender to close the loan. If you've been pre-qualified, this won't take very long at all. However, you should to stay in close contact with your mortgage lender. And I'll sort out all the property information your lender will need to close the loan.

Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your loan application. This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a strict range of accuracy, and I'll review the estimate and let you know if it all looks good.

Then we'll close on your home. This will most likely happen at a title company or escrow office and will likely be a smooth and comfortable event.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you 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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