Buying a home is an intimidating event for a lot of people, but it isn't very confusing with a little planning ahead of time.
So you know exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy
There are several things you should do prior to starting your home search.
You'll most likely want to put together an index of items you need to have, get a plan of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Get in touch with a real estate agent in Moutnain View
That's where I can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Moutnain View area.
I can also help you start the loan process.
There are some great mortgage professionals in Moutnain View, and I work with a lot of them, so you'll be in great hands.
They'll assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll start finding homes on the market that suit your needs.
I'll research most of the houses and remove the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we tour the houses, I'll call attention to positive features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
It's common for buyers to amend their must-have list as we view houses and some items become more substantial than others.
If that happens, I'll search the listings another time and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
My understanding of the Moutnain View market is a fundamental resource in your search. I am acquainted with all the neighborhoods and schools, and I'll alert you to certain districts are "hot" and demand immediate action and some that are "cold" and allow for more consideration.
As we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent in Moutnain View will convince you they understand the housing market.
If it doesn't seem like they know everything, call me at (650) 321-3120 or e-mail me at johnb@cooperandgamble.com, and I'd be happy to answer your questions. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find your dream home
I'm certain we'll find the house of your dreams in the Moutnain View area. When we do, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property. The amount is typically put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer – it's pretty common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get financing
Upon finalizing the contract, you'll start working with your lender to close the loan.
It shouldn't be a long process at all if you've been pre-approved, but you should to keep in close contact with your lender.
And I'll look after all the property information your mortgage lender needs 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) detailing closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This will most often take place at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, be sure to contact me at (650) 321-3120 or send me an e-mail.
