Buying or selling a home in Tucumcari?

Buying a home intimidates many people. However, with a bit of planning ahead of time, it's not very complicated. I like to give buyers an overview of the whole deal so they'll understand exactly what they can expect. Below are my nine steps to purchasing a home. When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.

Step 1 – Prepare to buy
Before you begin looking for a home, there are many things you need to consider. When you begin your search, you'll probably want to make a check list of items you need, get a feeling for what school districts and neighborhoods you'd like to live in, and start planning around your budget. A good rule of thumb to adhere to is that your mortgage payment should be less than or around 30 percent of your monthly income.

Step 2 – Speak with a real estate agent in Tucumcari
This is where McElroy & Associates can help. We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, schools in the Tucumcari area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.

I can also assist you with getting started on your loan. I work with some of Tucumcari's finest mortgage professionals, so you can rest assured that you're in great hands. They'll assist you in figuring out which kind of loan is best for you and help you get qualified.

Step 3 – Start house-hunting
After our first meeting, I'll begin finding available homes on the market that are a great fit for you. I'll research most of the homes and reject the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.

When we tour homes, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and don't like. Generally, buyers update their must-have list as we view houses and some features become far more important than others. If that's the case, I'll look through all the listings again and narrow it down to the house you've been waiting for.

Step 4 – Understand the market
An agent's awareness of the Tucumcari market is an imperative agent in your house search. And I assure you I'm familiar with all the neighborhoods and school districts, and I'll alert you to certain areas are "hot" and warrant prompt action and others that are "cold" and allow for careful consideration.

When we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, be mindful and make sure you ask plenty of questions, as any real estate agent will claim to comprehend the market. If it doesn't seem like they know everything, contact me at 575 461-2100 or e-mail me at , and I'll be more than happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire process.

Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in Tucumcari. When that happens, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.

When we send in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property, and it's often applied to the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer – it's pretty common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.

Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing budget. And when it's all said and done, we'll put together a contract that works well for you.

Step 7 – Secure your loan
Once we sign the final contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, it won't take very long at all. But you need to stay in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application. This estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.

Then we'll close on your home. This will most often occur at a title company or escrow office and is often a smooth and stress-free affair.

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