Purchasing a home is stressful for a lot of people, but with a bit of planning ahead of time, it isn't too hard.
So you know exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, you can contact me here or send e-mail to frankatrash@gmail.com. I'm glad to address questions you have about this information.
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Step 1 – Get ready to purchase a home
There are a lot of things you'll want to consider before you search for a home.
When you begin your search, you'll probably want to put together a list of items you need to have, get an idea of what neighborhoods and school districts you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule to follow.
Step 2 – Communicate with a real estate agent in San Diego
This is where I can help.
I'd like to schedule a time to meet with you and talk about your real estate needs and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the San Diego area.
I'll also assist you with getting started on your loan.
There are some very good mortgage professionals in San Diego, and I work with a lot of them, so you'll be in great hands.
They'll assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll set up appointments to view the houses when it's convenient for you.
As we view homes, I'll show you the positive features and negative ones. And I'll ask you to talk about things you like and don't like.
It's common for buyers to change their list of must-haves as we view houses and some features become more substantial than others.
If such is the case, I'll go back through all the listings again and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's understanding of the San Diego home market is an essential element in your house search. And I assure you I'm informed of all the neighborhoods and school districts, and I can alert you to which areas are "hot" and warrant immediate action and some that are "cool" and allow for more consideration.
As we view homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as every real estate agent in San Diego will tell you they truly understand the housing market.
If things don't add up, contact me at 619-400-6947 or e-mail me at frankatrash@gmail.com, and I'll be more than happy to answer your questions. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream home in San Diego. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as acquiring financing, completing the home inspection, and a clean title.
When turning in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property, and it's usually applied to the closing costs. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Upon completing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, it won't take very long at all. However, you need to keep in close contact with your lender.
And I'll handle 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) outlining closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely take place at a title company or escrow office and will most often be a smooth and calm occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to call me at 619-400-6947 or send me an e-mail.
