Buying a home is a stressful event for most people. However, with a bit of up-front planning, it isn't very confusing.
So you'll understand exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
Before you commence your home search, there are a lot of things you need to contemplate.
You'll most likely want to create an outline of items you want to have, get an idea of what school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good guideline to follow.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd love to book a time to meet with you and talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Long Beach area, the mortgage industry, to any other economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some great mortgage professionals in Long Beach, and I partner with a lot of them, so you can rest assured that you're in great hands.
They will assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After we meet for the first time, I'll begin looking for available houses on the market that suit your needs.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view homes, I'll call attention to good features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
It's common for buyers to revise their must-have list as we tour houses and some features become far more substantial than others.
If that happens, I'll go back through the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a feel for the market
An agent's understanding of the Long Beach housing market is a crucial component in your house search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll let you know which districts are "hot" and require immediate action and some that are "cool" and allow for careful analysis.
As we view houses, I'll let you know when the asking price has room for negotiation and when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions. Every REALTOR® in Long Beach will tell you they truly know the housing market.
If it doesn't seem like they know everything, call me at 5622440169 or e-mail me at Jackamer9@aol.com, and I'd be more than happy to answer any questions you have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
I'm confident we'll find the home of your dreams in Long Beach, and when we do, I'll carefully create your real estate purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is typically put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's really common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this won't be a long process at all. But you'll need to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your application.
The estimate rests on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will probably take place at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 5622440169 or send me an e-mail.
