Purchasing a home is stressful for most people, but with a little up-front planning, it's not very hard.
I like to furnish buyers with an outline of the whole deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you begin searching for a home, there are a lot of things you should contemplate.
When you start your search, you'll want to create an index of features you want to have, get an idea of what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than 30 percent of your monthly income is a good guideline to follow.
Step 2 – Contact a real estate agent in Bonita
This is where I can help.
I'd be happy to set up a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about neighborhoods, schools in the Bonita area, the mortgage industry, and any other economic factors that could affect your buying decision today or in the future.
I can also help you facilitate the loan process.
Realty World West works with some of Bonita's best mortgage professionals, so you can rest assured that you're in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After our initial meeting, I'll start finding homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we tour the homes, I'll identify good features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
It's common for buyers to change their list of must-haves as we tour homes and some features become more crucial than others.
If such is the case, I'll look through the listings once more and trim it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the Bonita home market is a crucial resource in your search. I'm informed of all the schools and neighborhoods, and I will communicate which areas are "hot" and call for prompt action and others that are "cold" and allow for more examination.
When we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Any real estate agent will tell you they know the market, but trust your instincts, and make sure you ask a lot of questions.
If it appears they don't know everything, call me at 619-475-4040 or e-mail me at evarubio05@yahoo.com, and I'd be more than happy to answer any questions you may have. My understanding 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
I know we'll find the house of your dreams in the Bonita area, and when that happens, I'll thoroughly develop your purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's usually applied to the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to accept 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 circumstances.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Get a loan
After the deal is finalized, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you're pre-qualified, but you'll want to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will probably be a smooth and comfortable occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just call me at 619-475-4040 or send me an e-mail.
