Buying a home can be stressful for most people. However, with some planning ahead of time, it isn't that complex.
So you know exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
Below are my nine steps to purchasing a home.
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Should you have any questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at jennie@sullivanssellsandiego.com.
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Step 1 – Get ready to buy
There are a lot of things you need to do prior to beginning your home search.
When you begin your search, you'll want to put together an index of items you want, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent in Encinitas
This is where R.E. Investments comes in.
We can book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Encinitas area, the mortgage industry, and any additional economic factors that could potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Encinitas, and I work with a lot of them, so you'll be in great hands.
They can assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin your home search
After our first meeting, I'll begin looking for houses on the market that meet your needs.
I'll get a sneak peek of most of the homes and throw out the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
As we view houses, I'll call attention to positive features, as well as bad ones. I'll even ask you about things you like and dislike.
It's common for buyers to change their must-have list as we tour homes and some items become more important than others.
If that happens, I'll go back through the listings once again and trim it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Encinitas housing market is a fundamental agent in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I'll alert you to some districts are "hot" and call for immediate action and others that are "cold" and allow for thoughtful consideration.
As we view homes, I'll let you know when the seller's list price has room for bargaining and when I trust the house is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions, as every real estate agent in Encinitas will claim to comprehend the market.
If things don't add up, call me at 760.828.0091 or e-mail me at jennie@sullivanssellsandiego.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream home in Encinitas. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, completing the home inspection, and a clean title.
When we present your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer – it's very common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Secure your loan
After the contract is complete, you'll begin working with your mortgage lender to close the loan.
This shouldn't be a long process at all if you're pre-qualified, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of accepting your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy, and I'll go over the estimate and let you know if it all looks all right.
Then we'll close on your home. This should take place at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 760.828.0091 or send me an e-mail.
