Purchasing a home intimidates many people, but it isn't very complicated with a bit of up-front planning.
So you'll understand exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Here are my nine steps to buying a home.
Step 1 – Prepare to purchase
Before you begin looking for a home, there are many things you need to consider.
It's likely that you'll want to make a checklist of must-have features, get a plan of what school districts you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Bonita
That's where I come in.
We'll book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Bonita area, the mortgage industry, and any additional economic factors that may affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I work with some of Bonita's best mortgage professionals, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After we meet for the first time, I'll begin finding homes on the market that best suit you.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view houses, I'll identify good features, as well as bad ones. And I'll ask you to tell us about things you like and don't like.
Frequently, buyers update their list of must-haves as we view houses and some features become more necessary than others.
If that's the case, I'll search the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Understand the market
My knowledge of the Bonita home market is a necessary asset in your home search. I'm acquainted with all the neighborhoods and schools, and I'll communicate which districts are "hot" and require immediate action and others that are "cold" and allow for careful analysis.
When we view homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as any real estate agent will claim to truly know the home market.
If things don't add up, just call me at 6192533205 or e-mail me at donvandover@cox.net, and I'd be more than happy to answer any questions you might have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find the house of your dreams in the Bonita area, and when that happens, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon submitting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is typically put towards the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer – it's widely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions will play a 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 deal that is best for you.
Step 7 – Obtain financing
After the contract is complete, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this shouldn't take much time at all, but you should to stay in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) of your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most likely be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 6192533205 or send me an e-mail.