Purchasing a new home in Coos Bay

For a lot of people, purchasing a home is a stressful event. However, with a bit of up-front planning, it's not that hard. So you understand exactly what to expect, we like to provide our buyers with an outline of the entire deal. These are our nine steps to purchasing a home.

When you're ready to get started, just contact us here or send us e-mail. We're happy to address questions you have regarding this information.

Step 1 – Prepare to buy a home
There are a lot of things you'll want to contemplate prior to commencing your home search. When you start your search, you'll probably want to create a check list of items you want, plan for what neighborhoods you want to live in, and begin planning your budget. A good principle to follow is that your mortgage payment should be close to a third of your net monthly income.

Step 2 – Get in touch with a real estate agent in Coos Bay
This is where we come in. We'd like to book a time to meet with you and talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Coos Bay area.

In addition, we'll help you get started on your loan. Pacific Properties works with some of Coos Bay's finest mortgage professionals, so you're in great hands. They'll help you determine which type of loan is best for you, as well as help you get qualified.

Step 3 – Start house-hunting
After we meet for the first time, we'll begin finding houses on the market that best suit you. We'll preview most of the houses and exclude the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.

When we view houses, we'll identify positive features and bad ones. we'll even ask you about things you like and dislike. It's common for buyers to revise their list of must-haves as we view homes and some features become far more important than others. If that happens, we'll search all the listings once more and trim it down to the home you've been dreaming about.

Step 4 – Get a feel for the market
An agent's knowledge of the Coos Bay housing market is a leading component in your house search. And we can assure you we're very familiar with all the neighborhoods and school districts, and we will communicate some areas are "hot" and warrant prompt action and the ones that are "cool" and allow for cautiousness.

As we tour houses, we'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell." When working with an agent, be on guard and make sure you ask lots of questions. Any real estate agent will convince you they understand the market. If things don't add up, contact us at (541) 269-5263 or e-mail us at Randy@pacificpropertiesteam.com, and we'd be glad to answer any questions you have. Our market expertise will help you stay a step ahead throughout the entire process.

Step 5 – Find the house you've been looking for
We're certain we'll find the home of your dreams in the Coos Bay area. When we do, we'll thoroughly create your purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.

Let Pacific Properties guide you through finding your dream home in Coos Bay Upon submitting your offer, you'll likely need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is often applied to the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer. It's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.

Market conditions will play a big part in how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that works well for you.

Step 7 – Secure your loan
Upon finalizing the deal, you'll begin working with your lender to close the loan. If you're already pre-qualified, it shouldn't take long at all, but you need to keep in close contact with your lender. And we'll take care of all the property information your mortgage lender needs to close the loan.>

Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) detailing closing costs within three days of getting your application. The estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a tight range of accuracy. we'll review the estimate and let you know if it all looks good.

Then we'll close on your house. This will probably happen at a title company or escrow office and will most likely be a smooth and hassle-free affair.

Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you call us at (541) 269-5263 or send us an e-mail.

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