With some up-front planning, purchasing a home isn't that difficult, but the event is intimidating for many people.
I like to furnish buyers with an outline of the whole deal so they understand exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Get ready to buy a home
There are plenty of things you'll want to consider before starting your home search.
It's likely that you'll want to create an outline of must-haves, get a plan of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent
That's where I come in.
I'd like to plan a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the San Lorenzo area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
I partner with some of San Lorenzo's best mortgage professionals, so you can rest assured that you're in great hands.
They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin finding available houses on the market that best suit you.
I'll get a sneak peek of many of the houses and remove the duds, and then we'll book appointments to view the homes whenever it's most convenient for you.
When we view the homes, I'll call attention to positive features and negative ones. And I'll ask you about things you like and don't like.
It's pretty common for buyers to update their must-have list as we view homes and some features become more important than others.
If that's the situation, I'll go back through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's awareness of the San Lorenzo housing market is a necessary agent in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can communicate what neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for thoughtful analysis.
When we view houses, I'll let you know when the seller's list price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Any REALTOR® in San Lorenzo will claim to comprehend the market.
If it appears they don't know everything, contact me at 510-276-0228 or e-mail me at jxh2020@yahoo.com, and I'll be glad to answer any questions you have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
I'm confident we'll find the house of your dreams in the San Lorenzo area. When we do, I'll precisely develop your home purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies, such as obtaining financing, completing the home inspection, and a clear title.
When we turn in your offer, you'll want to present "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property, and it's most often put towards the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure your loan
After the deal is finished, you'll start working with your lender to close the loan.
If you've been pre-approved, it won't take very long at all, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application.
The estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and should be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at 510-276-0228 or send me an e-mail.
