For most people, buying a home can be an intimidating event. But with a little up-front planning, it isn't all that difficult.
I like to give buyers a road map of the whole deal so they understand exactly what they can expect.
Below are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at TinaJones@lcres.com.
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Step 1 – Prepare to purchase a home
There are plenty of things you'll want to consider prior to starting your home search.
You'll probably want to put together an outline of items you need, plan for what school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in Elk Grove
This is where Laguna Creek Real Estate Services can help.
We can schedule a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Elk Grove area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some very good mortgage professionals in Elk Grove, and I partner with a lot of them, so you're in great hands.
They'll help you choose which type of loan is best for you, as well as 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 are a great fit for you.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we tour homes, I'll show you the good features, as well as negative ones. And I'll ask you what things you like and don't like.
It's widely common for buyers to amend their list of must-haves as we tour houses and some things become more crucial than others.
If such is the case, I'll go back through the listings once more and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
Your agent's awareness of the Elk Grove market is an essential aspect in your house search. And I assure you I'm conscious of all the schools and neighborhoods, and I can alert you to certain neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for careful consideration.
As we view houses, I'll make sure to communicate when the seller's list price has room for negotiation and when I know the house is "priced to sell."
Any REALTOR® in Elk Grove will tell you they know the housing market, but be careful, and be sure to ask plenty of questions.
If things don't add up, just call me at 9166840675 or e-mail me at TinaJones@lcres.com, and I'll be more than happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm sure we'll find the house of your dreams in Elk Grove. When that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind, including some contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property, and it's often put towards the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer, and it's very common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to agree to 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 big part in how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Get financing
Upon completing the deal, you'll begin working with your lender to close the loan.
If you've been pre-approved, this shouldn't be a long process at all, but you need to keep in close contact with your lender.
And I'll handle 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 accepting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This should happen at a title company or escrow office and should be a smooth and comfortable occurrence.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, simply contact me at 9166840675 or send me an e-mail.
