Contemplating buying your new home in Rancho Palos Verdes?
With a little planning ahead of time, buying a home isn't all that hard, but the event is stressful for many people.
So they understand exactly what they can expect, I will give buyers an overview of the entire deal.
Here are my nine steps to buying a home.
Should you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy
Prior to beginning your home search, there are many things you need to contemplate.
You'll probably want to create a checklist of items you want, get a feel for what neighborhoods you'd like to live in, and begin planning around your budget.
A good rule to go by is that your mortgage payment should be no more than a third of your monthly income.
Step 2 – Contact a real estate agent in Rancho Palos Verdes
That's where I can help.
We'll set up 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 discuss neighborhoods, schools in the Rancho Palos Verdes area, the mortgage and housing industries, and any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some very good mortgage professionals in Rancho Palos Verdes, and I partner with a lot of them, so 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 qualified.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin finding available houses on the market that are good for you.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we tour houses, I'll point out positive features, as well as bad ones. I'll also ask you what things you like and don't like.
It's widely common for buyers to revise their must-have list as we tour homes and some features become more essential than others.
If such is the case, I'll search the listings another time and narrow it down to the house of your dreams.
Step 4 – Understand the housing market
My awareness of the Rancho Palos Verdes home market is a necessary agent in your home search. I'm familiar with all the neighborhoods and school districts, and I can communicate what districts are "hot" and call for immediate action and others that are "cold" and allow for thoughtful examination.
As we view houses, I'll be sure to tell you when the asking price has room for bargaining and when I believe the home is "priced to sell."
Trust your instincts and be sure to ask a lot of questions, as any real estate agent will convince you they know the housing market.
If things don't add up, just call me at 310-784-2828 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm confident we'll find your dream house in the Rancho Palos Verdes area. When that happens, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When submitting your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is most often put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's widely common to receive a counter offer. Don't let this alarm you. We'll talk about 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 conditions.
We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your lender to close the loan.
This shouldn't take very long at all if you're pre-qualified, but you'll need to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) of closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will likely be a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at 310-784-2828 or e-mail me at .