Buying a home is intimidating for a lot of people. However, with a little planning ahead of time, it's not too complex. So you know 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.
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Should you have questions about any of this information or if you're ready to get started, just contact me here or e-mail me at d.thornton@prodigy.net. |
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Step 1 – Get ready to buy a home
Before you start searching for a home, there are several things you should take into account. You'll most likely want to create a list of must-haves, get a feel for what school districts you'd like to live in, and begin working on your budget. Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent
This is where Oak Realty & Financial Services (DRE#01210461) can help. I'd like to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans. We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Valley Center area.
In addition, I'll help you start the loan process. Oak Realty & Financial Services (DRE#01210461) partners with some of the best mortgage professionals in Valley Center, so you can rest assured that you're in great hands. They will help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After our first meeting, I'll start finding available homes on the market that are great for you. I'll preview most of the homes and reject the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we tour homes, I'll identify positive features and negative ones. I'll even ask you what things you like and dislike. Frequently, buyers update their must-have list as we view homes and some things become far more necessary than others. If such is the case, I'll go back through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
An agent's understanding of the Valley Center home market is a leading element in your home search. And I assure you I'm conscious of all the neighborhoods and schools, and I can let you know which areas are "hot" and call for immediate action and some that are "cool" and allow for careful analysis.
When we view homes, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell." Be careful and be sure to ask lots of questions, as every real estate agent will tell you they know the housing market. If it seems like they don't know everything, just call me at (760)751-8524 or e-mail me at d.thornton@prodigy.net, and I'll be glad to answer any questions you may have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the house of your dreams in the Valley Center area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are getting financing, completing the home inspection, and a clean title.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property, and it's most often applied to the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's extremely common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract. We'll also work within your financing constraints. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Get a loan
Upon finishing the deal, you'll start working with your lender to close the loan. If you're already pre-qualified, it won't take much time at all. However, you need to keep in close contact with your lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) of closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your loan application. The estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a precise range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should occur at a title company or escrow office and will probably be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply call me at (760)751-8524 or send me an e-mail.
