A Successful First-Home Purchase in Oakland County MI

A Successful First-Home Purchase in Oakland County MI

Think You’re Ready To Make A Successful First-Home Purchase in Oakland County MI? 

It’s very exciting — and perhaps a bit overwhelming — given the expense, time and the number of steps it takes to make a successful first-home purchase in Oakland County MI today. You’ll certainly face many decisions along the way, and there’s plenty to doA Successful First-Home Purchase in Oakland County MI before you achieve your goal of your beautiful first home in Oakland County MI. Relax! It may take a few weeks to get it all together, but buying your first home in Oakland County doesn’t have to be a difficult process if you take it step by step — and have me along as your guide.

Here’s an easy-to-follow summary of the process you’ll go through in buying your first home in Oakland County Mi. Keep it handy as you proceed, and be sure to ask me any questions you have along the way.

  1. Select An Experienced Oakland County Mi Real Estate Professional As Your Buyer’s Agent
    A buyer’s agent is a real estate professional that is contracted to look out for the interests of the buyer rather than the seller. Signing me as your buyer’s representative means I can not only help you find your first home, but I can help negotiate price and contract terms on your behalf and provide information about a home, the sellers, and even previous offers and counteroffers, among other services. In most situations, buyer’s agents are paid from the sales commissions offered by sellers.
  2. Check Your Credit 
    Be sure to check your credit before applying for a mortgage. You’ll want to ensure all the information in your report is accurate — and correct any information that isn’t — to get the credit score you’ll need to qualify for a mortgage at the best interest rates available today. -By law, credit reporting agencies must provide you with a free copy of your report once every year — if you ask for it. To request reports from the three major credit reporting agencies — Equifax, Experian and TransUnion:

    • By phone, call toll free (877) 322-8228.
    • Online, visit www.AnnualCreditReport.com.
    • By mail, write to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281.

    TIP: Credit reports do not include your credit score. Although you can obtain a free copy of each credit report annually, finding out about your credit score will cost you a few dollars.

  3. Investigate Mortgage Programs
    There are lots of mortgage options available, all with different down-payment requirements, interest rates, terms and conditions. I will be happy to help you sort through your choices to find the best fit based on your financial situation and goals.
  4. Interview Reputable Lenders
    Once you’ve decided on the loan options you’re considering, contact several lenders in Oakland County Mi to find out what they can do for you. You’ll want to know about their interest rates, loan costs, terms, etc. I will be happy to provide you with a list of lenders who have helped our clients in the past.
  5. Get Pre-Approved For A Loan, Not Just A Pre-Approval Letter
    Pre-approval means the lender has reviewed your income/debt ratio, assets and credit profile and determined the amount of money they would be willing to lend you providing various conditions are satisfied by the particular home you decide to purchase — such as a supporting appraisal, clear title, etc.Here’s how loan pre-approval can help you:

    • Knowing exactly how much money you can qualify to borrow will ensure you don’t waste your time looking at homes you can’t afford.
    • Based on your loan pre-approval, you’ll know in advance what contract terms you’ll want to negotiate with sellers — for example, seller-paid points, closing costs, inspections, etc.
    • If you find a particularly good deal on a home, you’ll be able to jump on it, without worrying about whether you’ll get the financing you need.
    • Your pre-approved loan gives sellers confidence that their contract with you is more likely to go to settlement/closing –and get there more quickly — than would contracts from competing buyers who have yet to secure financing approval.
  6. Develop A “Needs And Wants” List
    Include the type of home — single-family, townhome, condo, etc. — number of rooms, size, location in Oakland County Mi and any other amenities that are important to you in your first home. Be sure to distinguish between minimum requirements (“needs”) and items you could do without (“wants”), if need be. Remember, you may not be able to afford your dream home as your first home, but making a smart choice will allow you to live in it comfortably and sell it when you’re ready.
  7. Search Available Properties
    I can pull all the homes on the multiple listing service (MLS) in Oakland County MI that match your needs and budget. Of course, you can view many properties online to sort out those that look like what you hope to find.
  8. Tour Homes
    This is where the real home shopping takes place — in person with your agent. Your personal visits to homes in Oakland County MI gives you a clear sense of their location, condition, amenities and overall “feeling,” none of which comes across accurately online. Be sure to drive and walk the neighborhood surrounding your top choices.
  9. Pare Down Your Choices Using Your “Needs And Wants” List
    It’s useful to go back to your original wish list to help you focus on selecting that one property in Oakland County MI that’s just the right combination of amenities to be your first home.
  10. Write A Purchase Offer For The Home Of Your Choice
    I will help you design a purchase offer to get you the best deal on the home you want in Oakland County Mi- and consider contingencies to protect your interests. I will submit your offer with your deposit (earnest money) to the seller or seller’s agent.-An earnest money deposit shows the seller that a buyer is serious about purchasing a property. When the transaction is finalized, the funds are put toward the buyer’s down payment. If the deal falls through, the buyer may not be able to reclaim the deposit.
  11. Negotiate The Contract
    Faced with an offer, sellers have several options — rejecting it or letting it lapse, accepting it as is, or making a counteroffer. Most contracts go through several rounds of back-and-forth negotiations (counteroffers) before both parties agree to the sales contract. I will put my many years of proven negotiating experience to work for you, so you’ll feel like a winner when you sign the bottom line of the contract to buy your first home in Oakland County MI.
  12. Submit Your Contract To Your Lender
    Your lender will need some more information and documents than were required for loan pre-approval. Staying in touch with your loan officer and responding to requests quickly will help keep your financing on track and on time.
  13.  Purchase A Homeowner’s Insurance Policy
    Your lender will require proof that you’ve purchased homeowners insurance (also “hazard insurance”) — shop various insurers to find the best deal.
  14. Schedule And Attend Home Inspections
    Hiring a professional home inspector is a smart move in Oakland County MI, especially when buying your first home. The inspector will provide you with a full report on the condition of the home’s systems, appliances and structure — and even more information if you’re available when the inspection is conducted (old clothes are recommended). You may also want to order specialty inspections to check for problems such as pests, radon gas, mold, etc.
  15. Negotiate Defects Found During The Home Inspection
    With a home-inspection contingency in your contract, you’ll be able to back away from the deal if the inspector finds problems the seller is unwilling to fix and you’re unwilling to buy. Ideally, though, you’ll negotiate with the seller to resolve problems so your home purchase can go forward.
  16. Prepare For The Move To Oakland County MI
    At this stage, you’ll be wrapping up things at your old home and getting ready to move into your new one — disconnecting utilities and services, setting up accounts for your new home, getting rid of items you’d rather not move, hiring movers or lining up boxes and friends, etc.
  17. Conduct A Final Walk-Through Of The Home
    Shortly before closing/settlement, you’ll conduct a walk-through inspection of the home to ensure that the property’s condition hasn’t changed and meets your contract’s requirements.
  18. Attend Closing/Settlement
    With your agent’s help, you’ll check all final documents for accuracy, sign the necessary documents, pay the buyer-assigned closing costs and pick up the keys to your first home. Just one step left — move in and celebrate!

 

Oakland County Michigan Professional Realtor-Tom Gilliam

OAKLAND COUNTY MICHIGAN PROFESSIONAL REALTOR-TOM GILLIAM

Oakland County Michigan Professional Realtor-Tom Gilliam has earned a reputation of being a renowned local expert in Homes for Sale in Farmington Hills, Novi, Northville, West Bloomfield, Ferndale, Royal Oak, Birmingham to name just a few in the Oakland County Michigan area.  As an Oakland County Michigan Professional Realtor I take pride in my knowledge of the current market conditions in all of the region’s micro-markets, and I offer my clients an intimate glimpse into the neighborhoods that might become their next home or one they sell a home in. With more than 19 years of experience in the local real estate markets, Oakland County Michigan Professional Realtor-Tom Gilliam is qualified to help first time home buyers and home sellers in Farmington Hills,Novi, Northville,West Bloomfield, Ferndale, Royal Oak, Birmingham, South Lyon just to name a few. Search all homes for sale in Farmington Hills and the surrounding areas for all the freshest home listings in one spot.

 

 

Beyond the fact that I am the Oakland County Michigan Professional Realtor resource and guide that you need as you begin your real estate journey, I am also your neighbor in Farmington Hills Michigan with my office headquarters are located in the heart of Farmington Hills, but I also have six satellite offices surrounding the Oakland and Wayne County areas to better serve my real estate clients. Whether you are interested in homes for sale in Farmington Hills Michigan, or you would rather see properties in Troy, Rochester, Rochester Hills, Birmingham, Ferndale, Royal OakWest Bloomfield, Bloomfield Hills, Northville or Novi, as an Oakland County real estate agent  I can help you find a beautiful and comfortable property that feels just like home.

Here’s a few reasons to consider choosing Oakland County Michigan Professional Realtor-Tom Gilliam  as your first choice when considering an Real Estate Agent:

  • I am a local Farmington Hills Michigan resident who is committed to the community and the surrounding Oakland County Michigan areas. I can provide you with valuable information about local businesses, local market reports, school district information, home buyer and home seller guides, home value reports and latest news in the region. As a member of the Greater Farmington Area Chamber of Commerce, I am a proud supporter of Oakland County Michigan businesses.
  • I am an experienced agent who works with clients of all ages, stages and backgrounds. My goal is to help all of my clients find the right Oakland County Michigan home for the best deal possible or sell for the price possible.
  • I take pride in the fact that I offer professional advice and guidance while also personalizing the real estate experience. When you work with me, you’re more than my client. You’re my friend, neighbor  and I simply want to help you do what is best for your own unique circumstances and truly listen to you.

While I believe the experienced I have garnered working with a diverse range of buyers and sellers in Oakland County Michigan is valuable, I also recognize the importance of continuing my education as a real estate agent. Not only am I a board-certified real estate agent, but I also hold a business degree from the University of Phoenix. I am a certified Accredited Buyer’s Representative, as well as a certified Short Sales and Foreclosure Resource and certified SRES Seniors Real Estate Specialists who has the knowledge and expertise to counsel clients age 50+ through major financial and lifestyle transitions in relocating, refinancing, or selling the family home.

I have been recognized with several industry awards and accolades, including being a RE/MAX 100% Clubs recipient three years in a row and earning the Realtor of the Year award. My work also has been mentioned in national publications, such as ABC News,Fox News, the Wall Street Journal, and more. While I was humbled to receive these honors, I truly believe that it’s my incredible clients that make it all possible!

If you are interested in knowing more about my real estate services whether your looking to purchase a new home or sell your home in the Farmington Hills Michigan area or Oakland County Michigan, don’t hesitate to contact me today. I look forward to working with you and helping you make Oakland County Michigan your home towm.

My Goals For You

“Helping a family find the perfect home brings a sense of accomplishment, goal is to help you find the home you want at an affordable price! Real estate is a competitive and sometimes stressful market when you’ll find a Realtor that pressures you into purchasing a home you don’t’ want or are not sure about, I’m not that Realtor..Having you delighted with my services whether your selling or buying a home is not only my job, but my duty to you and always will be, and I thank you for your trust”

 

 

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