The 9 Steps to Home Ownership

It seems obvious, but it's good to note that the first step to buying a house is making the decision to buy. Consider the reasons you want a new home and write them down.  Determine how long you want to live in your new home - does buying still make good financial sense? Can you afford a home that will meet your list of requirements?  A good rule of thumb is your mortgage payment should not exceed 1/3 of your net monthly income.

We can schedule a time to meet with you to hear the reasons you want to buy a home and your plans for the future. We'll talk about neighborhoods, schools, economic factors liable to affect the market today and tomorrow, as well as how you would like your house and neighborhood to grow with you.

At this time, we will also help you get pre-qualified for a mortgage loan. Pre-qualification is a written statement from one of our loan officers indicating his or her opinion that you will be approved for a mortgage loan up to a certain amount.  Aiello & Associates is approved with several lender, thus enabling us to find the right loan program that best fits your needs.  The fact that you are pre-qualified will help us when we are negotiating the deal.

After our initial meeting, we'll search all our resources for homes on the market that best fit your criteria.  We'll preview these homes as to eliminate the ones that do not meet your criteria. Thereafter, we will schedule appointments to tour the homes at times convenient to you.

As we tour homes, we will point out positive features and negative features.  We will ask you to tell us what you like and what you don't like about the homes. You'll probably amend your "wish list" as we tour homes and some things will become more important and others less important.  With this new information, we will refine our search criteria to narrow in on the home of your dreams.

Our knowledge of the local market is an essential factor in the home search.  We will let you know when the market in a particular neighborhood is "hot" and requires immediate action or when the market is "cool" and allows for thoughtful consideration.

As we tour homes, we'll let you know when the asking price has negotiating room and when the home is "priced to sell".  Our unique market knowledge will keep you a step ahead of the "home hunting competition".

In a "seller's market", It's not unusual to see multiple offers on a home; full-price offers and even above-price offers.  On the flip side; during a "buyer's market" there are more homes for sale than buyers.  This gives us more negotiating room as houses are taking longer to sell.

We are confident we'll find your dream home.  When we do, we'll put together the purchase offer tailored for your needs, including appropriate contingencies (such as obtaining financing, favorable home inspection, clear title, etc.).

The offer is normally presented with a "earnest money" deposit.  This is a cash deposit made to a home seller to secure an offer to buy the home.  The amount is applied toward closing costs.  If the seller accepts the offer, then, generally closing is held 30 to 60 days from the offer date (dependent on the turn-around time of your mortgage financing).

It is not uncommon to receive a counter offer when the initial purchase offer is submitted to a seller.  Don't let this discourage you.  We will discuss the counter offer and decide whether or not to accept the counter offer, submit our own counter offer, or reject the counter offer and move on.

Market conditions will play a role in how aggressively we negotiate the deal.  We will also work within your limits.  Emotions can lead to buyer's remorse.  It is better to set limits prior to negotiating an offer and stick to these limits.

During the closing period, you will be working with your mortgage lender (preferably with Aiello & Associates) to close the loan.  Since you pre-qualified for the loan prior to starting your home search, you will be that much closer to the end.  We will gather the necessary property information your lender (or Aiello & Associates) will need to close the loan.

You will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender.  The estimate is based on the loan officer's past experience and may not include all the closing costs.  We will be glad to review the "Good Faith Estimate," with you, answering any questions you may have.

Congratulations!  It's time to move into your new house and make it your home.  Enjoy this exciting time.  Our Moving Checklist will help you remember the numerous details that will make your moving day a pleasure.