9 Steps to Buying a Home in Iowa

Purchasing a home is intimidating for many people. However, with a little planning ahead of time, it’s not that hard. So you know exactly what to expect, we like to supply our buyers with an overview of the entire deal. Below are our nine steps to buying a home.

Step 1 – Prepare to Buy

There are many things you should do before you look for a home. When you start your search, you’ll probably want to create an index of items you want to have, get an idea of what school districts and neighborhoods you want to live in, and start planning around your budget. Ensuring your mortgage payment is less than a third of your net monthly income is a good principle to adhere to.

Step 2 – Communicate With a Real Estate Agent

That’s where we come in. We will book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We’ll discuss everything from neighborhoods, schools in the Des Moines area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.

We will also help you begin the loan process. Marc & Jill works with some of the finest mortgage professionals in Des Moines, 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 Your Search

After we meet for the first time, we will begin finding houses on the market that suit your needs. We will preview many of the homes and ignore the duds, and then we’ll book appointments to view the houses when it’s most convenient for you.

As we view homes, we will identify positive features and negative ones. We will also ask you to point out what things you like and dislike. It’s pretty common for buyers to change their wish list as we tour houses and some things become far more important than others. If that’s the case, we will go back through the listings once again and trim it down to the home you’ve been dreaming about.

Step 4 – Get a Feel for The Housing Market

Our knowledge of the Des Moines home market is a fundamental resource in your house search. We are very acquainted with all the neighborhoods and school districts. We can quickly let you know if any neighborhoods are “hot” and call for immediate action plus the others that are “cold” and allow for thoughtful examination.

Step 5 – Find Your Dream Home

We are confident we’ll find the home of your dreams in the Des Moines area. As we view homes, we will let you know if the seller’s list price has room for bargaining or if we believe the house is “priced to sell.” When we find your dream home, we will thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.

Upon sending in your purchase offer, you’ll probably need to present “earnest money.” This is a cash deposit given to the seller to secure the offer to buy the property and is most often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the Deal

A lot of contracts aren’t closed on the beginning offer. It’s really common to receive a counter offer. But don’t let this alarm you. We’ll figure out whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller’s offer and go on.

How aggressively we negotiate the contract depends on market conditions. In addition, we’ll work within your budget. And when it’s all said and done, we’ll create a contract that works well for you.

Step 7 – Secure Financing

Once the deal is finished, you’ll start working with your mortgage lender to close the loan. If you’re pre-approved, it won’t take very long at all, but you’ll need to keep in close contact with your lender. And we will take care of all the property information your lender needs to close the loan.

Step 8 – Close the Deal

Your lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your loan application. The estimate is based on the loan officer’s previous experience and is required to be within a suitable range so you’re not stunned when you come to closing time. A member of our team will be glad to look over the GFE with you, answering your questions and highlighting any estimates that seem questionable.

Then it’s time to close on your house. This will most likely take place at a title company or escrow office and should be a smooth and easygoing occurrence.

Step 9 – Move In

You made it! It’s time to move into your new home. Enjoy it. And if you have any questions, make sure you contact us at 515-988-2568 or send us an email at mlee@newiowalistings.com.