Are you buying your new home in Tucumcari? McElroy & Associates can help.

Purchasing a home is stressful for a lot of people. However, with a bit of planning ahead of time, it's not all that confusing. I like to provide buyers with an overview of the whole deal so they understand exactly what they can expect. Here are my nine steps to purchasing a home. If you have any questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .

Step 1 – Get ready to purchase
Before you begin searching for a home, there are several things you should consider. When you begin your search, you'll probably want to put together a list of must-have features, plan for what neighborhoods and school districts you'd like to live in, and begin working on your budget. Ensuring your mortgage payment is less than or around a third of your net monthly income is a good rule to adhere to.

Step 2 – Talk to a real estate agent
That's where I can help. We'll set up a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Tucumcari area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.

In addition, I'll help you start the loan process. McElroy & Associates works with some of Tucumcari's finest mortgage professionals, so you can rest assured that you're in great hands. They will help you determine which kind of loan is best for you, as well as help you get qualified.

Step 3 – Start your search
After we meet, I'll begin searching for available houses on the market that are great for you. I'll get a sneak peek of many of the houses and ignore the duds, and then we'll set up appointments to tour the houses whenever it's most convenient for you.

When we tour homes, I'll identify good features, as well as negative ones. And I'll ask you to talk about things you like and don't like. Most often, buyers amend their list of must-haves as we view houses and some things become more necessary than others. If such is the case, I'll search the listings one more time and narrow it down to the home you've been waiting for.

Step 4 – Get a grasp of the housing market
Your agent's awareness of the Tucumcari market is a necessary element in your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to some districts are "hot" and warrant immediate action and others that are "cold" and allow for careful consideration.

As we view homes, I'll be sure to tell you when the seller's asking price has room for bargaining and also when I think the home is "priced to sell." When working with an agent, be on guard and be sure to ask a lot of questions, as every REALTOR in Tucumcari will tell you they truly understand the housing market. If things don't add up, just call me at 575 461-2100 or e-mail me at , and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead through the entire process.

Step 5 – Find the house you've been waiting for
We'll find your dream home in Tucumcari, and when we do, I'll carefully develop your purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.

When we submit your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer – it's really common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.

Market circumstances determine how aggressively we negotiate the contract. In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that's best for you.

Step 7 – Obtain financing
After we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take long at all. But you need to keep in close contact with your lender. And I'll sort out all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) outlining closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of accepting your loan application. The estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll go over the estimate and let you know if it all looks adequate.

Then it's time to close on your house. This should take place at a title company or escrow office and should be a smooth and hassle-free occasion.

Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, just contact me at 575 461-2100 or e-mail me at .

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