Purchasing a home is an intimidating event for a lot of people, but it's not all that complicated with a bit of planning ahead of time. I like to furnish buyers with a road map of the entire deal so they'll know exactly what to expect. Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
Before you begin searching for a home, there are plenty of things you'll want to contemplate. It's likely that you'll want to put together a check list of must-haves, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget. Keeping your mortgage payment less than or around 1/3 of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in El Sobrante,Hercules,Richmond,Pinole,Rodeo,San Pablo,Tara Hills,El Cerrito
That's where I can help. I'd be happy to plan a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, schools in the West CCCounty area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
In addition, I'll help you begin the loan process. I work with some of the Bay area's finest mortgage professionals, so you're in great hands. They'll assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin your search
After we meet for the first time, I'll begin searching for homes on the market that are good for you. I'll research many of the houses and reject the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view the homes, I'll call attention to good features, as well as negative ones. I'll also ask you what things you like and dislike. It's common for buyers to amend their list of must-haves as we tour houses and some items become more necessary than others. If such is the case, I'll search the listings again and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
Your agent's knowledge of the home market is a necessary aspect in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can let you know certain neighborhoods are "hot" and call for immediate action and the ones that are "cold" and allow for careful analysis.
As we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell." Be mindful and be sure to ask your agent plenty of questions, as any REALTOR® will claim to know the housing market. If things don't add up, just call me at 5107583609 or e-mail me at lshortforshortsales@hotmail.com, and I'll be glad to answer your questions. My market knowledge will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I know we'll find your dream house wherever you choose to live. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is usually put towards the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer – it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a 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 assemble a deal that works well for you.
Step 7 – Obtain a loan
Once we sign the final sales contract, you'll start working with your mortgage lender to close the loan. If you're pre-approved, it shouldn't take long at all, but you need to stay in close contact with your mortgage lender. And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your loan application. This estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and relaxing affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 5107583609 or send me an e-mail.
