Looking to buy a new home in Tucumcari? McElroy & Associates can help.

For many people, purchasing a home can be a stressful event. But with some up-front planning, it isn't all that complex. So they know exactly what they can expect, I like to provide buyers with an overview of the whole deal. Here are my nine steps to buying a home. Should you have questions about this information or if you're ready to get started, just contact me here or e-mail me at .

Step 1 – Get ready to buy a home
Before you start searching for a home, there are a lot of things you should contemplate. You'll probably want to make a list of items you want to have, get an idea of what school districts you want to live in, and begin planning your budget. A good rule to follow is that your mortgage payment should be less than or around 30 percent of your monthly income.

Step 2 – Connect with a real estate agent in Tucumcari
This is where I can help. I'd be more than happy to plan a time to meet 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 talk about everything from neighborhoods, school districts in the Tucumcari area, the mortgage industry, to any other economic factors that might affect your purchase 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 assist you in determining which kind of loan is best for you and help you get approved.

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

As we view houses, I'll show you the positive features, as well as negative ones. I'll even ask you to tell us about things you like and dislike. It's common for buyers to update their list of must-haves as we view houses and some things become far more crucial than others. If that's the situation, I'll look through the listings one more time and narrow it down to the house of your dreams.

Step 4 – Get a grasp of the market
Your agent's awareness of the Tucumcari housing market is an essential aspect in your home search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I will alert you to certain neighborhoods are "hot" and call for immediate action and the ones that are "cool" and allow for thoughtful analysis.

When we view homes, I'll let you know when the list price has room for negotiation and also when I think the house is "priced to sell." When working with an agent, be careful and be sure to ask plenty of questions. Any REALTOR in Tucumcari will claim to know the home market. If things don't add up, contact me at 575 461-2100 or e-mail me at , and I'll be glad to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire deal.

Step 5 – Find the home of your dreams
We'll find the house of your dreams in the Tucumcari area, and when we do, I'll carefully create your purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as acquiring financing, completing the home inspection, and a clear title.

When we send in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property and is usually put towards the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of deals don't close on the first offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.

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

Step 7 – Secure a loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender. And I'll deal with all the property information your lender needs to close the loan.

Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) of closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of receiving your application. This estimate rests on the loan amount, and RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.

Then we'll close on your house. This will probably take place at a title company or escrow office and is often a smooth and relaxing affair.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 575 461-2100 or e-mail me at .