Purchasing a home intimidates many people, but it isn't very confusing with a bit of up-front planning.
So you'll know exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
These are my nine steps to purchasing a home.
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Should you have any questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at alexlo@qqqfs.com.
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Step 1 – Prepare to purchase
There are plenty of things you'll want to do before starting your home search.
You'll most likely want to assemble an index of must-have features, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good guideline to go by 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 California DRE Lic# 01408453
This is where I come in.
I'd like to arrange a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the California DRE Lic# 01408453 area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I'll also help you start the loan process.
Giant Realty Inc. partners with some of California DRE Lic# 01408453's finest mortgage professionals, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet for the first time, I'll start searching for available homes on the market that suit your needs.
I'll preview many of the homes and throw out the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we view the homes, I'll call attention to good features and bad ones. I'll also ask you to tell us about things you like and don't like.
Frequently, buyers update their must-have list as we view homes and some features become far more crucial than others.
If that's the situation, I'll look through the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Understand the market
Your agent's understanding of the California DRE Lic# 01408453 home market is an essential aspect in your home search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll communicate some districts are "hot" and call for prompt action and some that are "cold" and allow for careful examination.
When we view homes, I'll let you know when the list price has room for negotiation and also when I trust the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions. Any REALTOR® will tell you they understand the market.
If it seems like they don't know everything, just call me at (408)988-0888 x 123 or e-mail me at alexlo@qqqfs.com, and I'll be happy to answer your questions. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
We'll find your dream house in the California DRE Lic# 01408453 area, and when that happens, I'll meticulously create your purchase offer. The offer will be made with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon sending in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property. The amount is often put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer. It's very common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain a loan
Once the contract is signed, you'll start working with your lender to close the loan.
If you've been pre-approved, it won't take long at all. But you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will likely happen at a title company or escrow office and is often a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (408)988-0888 x 123 or send me an e-mail.
