Are you purchasing your new home in Rancho Palos Verdes?

With a little planning ahead of time, buying a home isn't very complex, but the event is intimidating for many people. I like to provide buyers with an overview of the entire deal so they know exactly what they can expect. Below are my nine steps to buying a home. If 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 – Prepare to buy
There are several things you should contemplate before you start searching for a home. You'll want to put together a check list of features you need to have, plan for what neighborhoods and school districts you want to live in, and begin working on your budget. Ensuring your mortgage payment is around 30 percent of your net monthly income is a good principle to go by.

Step 2 – Get in touch with a real estate agent
This is where Excel Funding Real Estate Services, Inc. comes in. I'd be happy to plan a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Rancho Palos Verdes area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.

In addition, I'll assist you with getting started on your loan. There are some very good mortgage professionals in Rancho Palos Verdes, and I work with a lot of them, so you'll be in great hands. They'll assist you in determining which type of loan is best for you and help you get qualified.

Step 3 – Start house-hunting
After our initial meeting, I'll start finding available homes on the market that are good for you. I'll preview many of the homes and reject the bad ones, and then we'll book appointments to view the houses when it's convenient for you.

When we tour houses, I'll show you the positive features, as well as bad ones. I'll even ask you what things you like and dislike. It's common for buyers to update their must-have list as we view houses and some items become far more necessary than others. If such is the case, I'll look through all the listings again and trim it down to the house you've been dreaming about.

Step 4 – Know the market
My awareness of the Rancho Palos Verdes home market is a crucial component in your house search. I'm acquainted with all the neighborhoods and schools, and I can alert you to some districts are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful analysis.

When we tour homes, I'll let you know when the list price has room for bargaining and also when I believe the home is "priced to sell." Any REALTOR will claim to truly know the home market, but be mindful, and make sure you ask a lot of questions. If it doesn't seem like they know everything, just call me at 310-784-2828 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will help you stay a step above the rest through the entire process.

Step 5 – Find the house you've been waiting for
I know we'll find your dream house in Rancho Palos Verdes. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are getting financing, completing the home inspection, and a clear title.

When we submit your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is typically applied to the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's very common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.

How aggressively we negotiate the deal depends on the state of the market. We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that is best for you.

Step 7 – Obtain your loan
Upon completion of the deal, you'll start working with your lender to close the loan. If you've been pre-qualified, it won't take long at all. But you need to stay in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of receiving your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a close range of accuracy. I'll go over the estimate and let you know if everything looks okay.

Then we'll close on your house. This will probably occur at a title company or escrow office and will most likely be a smooth and hassle-free occurrence.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you contact me at 310-784-2828 or e-mail me at .

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