Are you buying a home in New Orleans? AlexCate Realty, LLC - Cathy Cashman can help.
For many people, purchasing a home can be a stressful event. However, with a little up-front planning, it's not very difficult.
So they'll understand exactly what they can expect, I like to give buyers an overview of the whole deal.
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 any questions you have regarding this information.
Step 1 – Get ready to buy
There are plenty of things you should contemplate before you search for a home.
When you begin your search, you'll want to assemble a check list of features you want, get a plan of what school districts you'd like to live in, and start planning your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in New Orleans
That's where I come in.
I'd like to arrange a time to meet with you and talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the New Orleans area.
In addition, I'll assist you with getting started on your loan.
AlexCate Realty, LLC - Cathy Cashman works with some of New Orleans's best mortgage professionals, so you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After our initial meeting, I'll start looking for houses on the market that are a great fit for you.
I'll preview most of the houses and eliminate the bad ones, and then we'll book appointments to tour the houses whenever it's most convenient for you.
When we tour the homes, I'll identify positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to amend their wish list as we tour homes and some things become more important than others.
If that's the situation, I'll look through the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Comprehend the market
My understanding of the New Orleans housing market is a necessary agent in your home search. I'm familiar with all the neighborhoods and school districts, and I will alert you to which neighborhoods are "hot" and require immediate action and some that are "cool" and allow for careful examination.
When we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions, as every REALTOR in New Orleans will claim to comprehend the market.
If it seems like they don't know everything, contact me at 504.488.4398 or e-mail me at , and I'd be more than happy to answer your questions. 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 looking for
We'll find your dream house in New Orleans, and when we do, I'll thoroughly create your home purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as getting financing, completing the home inspection, and a clear title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property, and it's usually applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer, and it's widely common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure your loan
Upon signing the contract, you'll start working with your lender to close the loan.
If you're pre-qualified, it won't be a long process at all, but you should to stay in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) outlining closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a precise range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then we'll close on your house. This will likely take place at a title company or escrow office and will probably be a smooth and relaxed event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 504.488.4398 or e-mail me at .