With some up-front planning, purchasing a home isn't too complex, but the event can be stressful for a lot of people.
I like to furnish buyers with an outline of the whole deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
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If you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at jennie@sullivanssellsandiego.com.
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Step 1 – Prepare to buy
Before you start your home search, there are plenty of things you should contemplate.
You'll most likely want to assemble a list of items you want to have, get an idea of what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good guideline to go by.
Step 2 – Talk to a real estate agent
This is where R.E. Investments comes in.
We'll set up a time to get together 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 may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Encinitas area.
I'll also help you get started on your loan.
R.E. Investments works with some of the best mortgage professionals in Encinitas, so you can rest assured that you're in great hands.
They will assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll start looking for houses on the market that best suit you.
I'll research most of the houses and eliminate the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we tour the homes, I'll call attention to positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Usually, buyers update their wish list as we tour houses and some things become far more important than others.
If that happens, I'll search all the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
An agent's understanding of the Encinitas home market is an imperative component in your house search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can let you know some areas are "hot" and demand prompt action and the ones that are "cool" and allow for thoughtful examination.
As we tour houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Any real estate agent will convince you they comprehend the housing market.
If it doesn't seem like they know everything, just call me at 760.828.0091 or e-mail me at jennie@sullivanssellsandiego.com, and I'd be more than happy to answer any questions you may have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I know we'll find the home of your dreams in Encinitas. When that happens, I'll carefully create your home purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
When turning in your purchase offer, you'll probably need to present "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property, and it's often applied to the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Get financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't take long at all, but you'll want to stay in close contact with your mortgage lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Good Faith Estimate (GFE) of closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of receiving your application.
This estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most often take place at a title company or escrow office and should be a smooth and relaxing occurrence.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at 760.828.0091 or send me an e-mail.
