Purchasing a home intimidates a lot of people. However, with some planning ahead of time, it isn't too complex.
I like to provide buyers with an outline of the entire deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
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When you're ready to get started, simply contact me here or send me e-mail. I'm glad to answer questions you have about this information.
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Step 1 – Get ready to buy
Prior to starting your home search, there are plenty of things you need to take into account.
When you start your search, you'll probably want to make an outline of items you need to have, get an idea of what school districts you want to live in, and begin working on your budget.
A good principle to go by is that your mortgage payment should be close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
That's where I can help.
I'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Rancho Palos Verdes area.
I can also assist you in getting started on your loan.
Excel Funding Real Estate Services, Inc. works with some of Rancho Palos Verdes's finest mortgage professionals, so you're in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for houses on the market that suit your needs.
I'll preview most of the houses and exclude the bad ones, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. I'll also ask you about things you like and don't like.
For the most part, buyers revise their must-have list as we tour homes and some features become more important than others.
If that's the situation, I'll search all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Rancho Palos Verdes home market is an essential factor in your house search. And I assure you I'm conscious of all the neighborhoods and school districts, and I will alert you to certain areas are "hot" and require immediate action and the rest that are "cool" and allow for thoughtful consideration.
When we view homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as any real estate agent will claim to truly know the housing market.
If things don't add up, contact me at (310) 784-2828 or e-mail me at frances@southbayhomeloans.com, and I'd be glad to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in the Rancho Palos Verdes area. When that happens, I'll precisely develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are obtaining financing, completing the inspection, and a clean title.
When presenting your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is typically put towards the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer – it's pretty common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to consent to the counter offer, present 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 budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Get your loan
After we sign the final contract, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your loan application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at (310) 784-2828 or send me an e-mail.