With a little up-front planning, buying a home isn't all that complicated, but the event can be stressful for a lot of people.
So you understand exactly what to expect, I like to provide my buyers with an overview of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are a lot of things you should contemplate before commencing your home search.
When you start your search, you'll probably want to assemble a check list of must-haves, plan for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent in Loma Linda
That's where I come in.
I'd be happy to book a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Loma Linda area.
I can also help you facilitate the loan process.
I work with some of Loma Linda's best mortgage professionals, so you can rest assured that 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 – Begin house hunting
Following our initial meeting, I'll begin finding available homes on the market that meet your needs.
I'll preview most of the houses and throw out the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
As we tour the houses, I'll call attention to positive features, as well as bad ones. I'll also ask you to point out what things you like and dislike.
It's common for buyers to update their wish list as we view homes and some items become more necessary than others.
If such is the case, I'll look through the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
Your agent's understanding of the Loma Linda home market is an imperative element in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll communicate which neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for careful consideration.
When we tour houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and be sure to ask your agent plenty of questions, as any real estate agent will claim to know the housing market.
If things don't add up, just call me at 909-796-0156 or e-mail me at admin@univrealty.com, and I'll be glad to answer any questions you might have. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find your dream home
I'm sure we'll find your dream home in Loma Linda, and when we do, I'll precisely create your real estate purchase offer. The offer will be written 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.
When we turn in your offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's very common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Get a loan
Once the contract is finished, you'll begin 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 stay in close contact with your 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 send you a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application.
This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will likely be a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 909-796-0156 or send me an e-mail.
