Purchasing a home is intimidating for many people, but it isn't very complicated with a little planning ahead of time.
I like to furnish buyers with a road map of the entire deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
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Should you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at whypay6@comcast.net.
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Step 1 – Get ready to buy
There are plenty of things you should consider prior to beginning your home search.
When you start your search, you'll probably want to put together an index of items you need to have, get a plan of what school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good principle to go by.
Step 2 – Talk to a real estate agent in Sacramento
That's where I can help.
We can plan a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Sacramento area.
I'll also help you facilitate the loan process.
There are some great mortgage professionals in Sacramento, and I work with a lot of them, so you're in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
Following our first meeting, I'll begin looking for homes on the market that suit your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll point out positive features and bad ones. And I'll ask you what things you like and don't like.
It's pretty common for buyers to change their wish list as we tour homes and some features become far more substantial than others.
If that's the situation, I'll search all the listings once again and narrow it down to the home of your dreams.
Step 4 – Understand the housing market
Your agent's knowledge of the Sacramento market is an imperative factor in your home search. And I can assure you I'm informed of all the schools and neighborhoods, and I can communicate what districts are "hot" and call for prompt action and others that are "cold" and allow for more analysis.
When we tour houses, I'll be sure to tell you when the asking price has room for bargaining and when I think the house is "priced to sell."
Trust your instincts and make sure you ask your agent lots of questions, as any REALTOR® in Sacramento will tell you they understand the home market.
If it seems like they don't know everything, call me at 916-485-1940 or e-mail me at whypay6@comcast.net, and I'd be happy to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm certain we'll find the house of your dreams in the Sacramento area, and when that happens, I'll thoroughly create your real estate purchase offer. The offer will be made exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we present your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an offer to buy the property and is often applied to the closing costs. If your 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 widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Secure financing
Once we sign the final contract, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't take long at all, but you'll want to keep in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of receiving your application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at 916-485-1940 or send me an e-mail.
