Purchasing your new home in Tucumcari?

For most people, buying a home is a stressful event. However, with some planning ahead of time, it isn't too difficult. So they know exactly what to expect, I like to furnish buyers with an overview of the entire deal. These are my nine steps to purchasing a home. Should you have questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .

Step 1 – Get ready to buy
There are several things you need to consider before commencing your home search. When you begin your search, you'll want to make a list of items you want to have, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to follow.

Step 2 – Get in touch with a real estate agent in Tucumcari
This is where McElroy & Associates comes in. We'll plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans. We'll discuss the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Tucumcari area.

In addition, I'll help you start the loan process. There are some great mortgage professionals in Tucumcari, and I partner with a lot of them, so you're in great hands. They can help you decide which kind of loan is best for you, as well as help you get approved.

Step 3 – Start your home search
After our initial meeting, I'll begin looking for homes on the market that are good for you. I'll research most of the houses and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.

As we view the houses, I'll point out positive features and bad ones. I'll also ask you about things you like and don't like. It's widely common for buyers to change their list of must-haves as we view homes and some features become far more necessary than others. If that happens, I'll search all the listings once more and trim it down to the house you've been dreaming about.

Step 4 – Know the market
An agent's knowledge of the Tucumcari market is a necessary element in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I will alert you to certain areas are "hot" and demand immediate action and some that are "cold" and allow for thoughtful consideration.

As we view homes, I'll let you know when the seller's asking price has room for bargaining and also when I think the home is "priced to sell." Be careful and be sure to ask lots of questions, as every real estate agent in Tucumcari will convince you they truly know 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 more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest through the entire deal.

Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in Tucumcari. When we do, I'll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.

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

Step 6 – Negotiate
A lot of deals don't close on the initial offer, and it's widely common to receive a counter offer. Don't let this 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 move on.

Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a deal that's best for you.

Step 7 – Obtain financing
After the contract is finished, you'll begin working with your mortgage lender to close the loan. If you're pre-approved, it won't take very long at all. But you need to keep in close contact with your mortgage lender. And I'll manage all the property information your lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your loan application. The estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if it all looks good.

Then we'll close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and comfortable occasion.

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