Purchasing a home is stressful for a lot of people, but it's not that hard with some up-front planning. I like to give buyers an overview of the whole deal so they know exactly what to expect. Below are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at Maryjo@maryjoplacka.com. |
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Step 1 – Get ready to purchase a home
Prior to starting your home search, there are a lot of things you should take into account. You'll want to make a check list of items you want to have, get an idea of what neighborhoods you'd like to live in, and begin working on your budget. A good rule of thumb to go by is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent
That's where I come in. I'd love to arrange a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the Lake Mathews area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
I can also assist you with getting started on your loan. I work with some of the finest mortgage professionals in Lake Mathews, so you're in great hands. They will assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin finding available homes on the market that are great for you. I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view homes, I'll point out positive features, as well as bad ones. And I'll ask you about things you like and dislike. It's pretty common for buyers to change their list of must-haves as we view homes and some things become more necessary than others. If that happens, I'll look through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My awareness of the Lake Mathews market is a crucial asset in your search. I'm informed of all the neighborhoods and schools, and I will alert you to certain neighborhoods are "hot" and call for immediate action and the ones that are "cool" and allow for more consideration.
When we tour houses, I'll let you know when the seller's asking price has room for negotiation and when I think the house is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions, as any REALTOR® in Lake Mathews will convince you they know the home market. If things don't add up, contact me at 951-780-0856 or e-mail me at Maryjo@maryjoplacka.com, and I'll be glad to answer any questions you may have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home of your dreams
I know we'll find your dream home in the Lake Mathews area. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
When presenting your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property. The amount is usually put towards the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances determine 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 compose a deal that works well for you.
Step 7 – Obtain a loan
After the deal is signed, you'll start working with your lender to close the loan. If you've been pre-approved, it won't take very long at all. But you'll need to stay in close contact with your mortgage lender. And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application. This estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks adequate.
Then we'll close on your home. This should occur at a title company or escrow office and should be a smooth and calm occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply contact me at 951-780-0856 or send me an e-mail.
