Purchasing a home can be stressful for most people, but it's not all that difficult with some up-front planning.
I like to supply buyers with an outline of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
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Should you have any questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at kimmen@ca-realtygroup.net.
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Step 1 – Prepare to purchase a home
There are several things you'll want to take into account before you look for a home.
You'll most likely want to form a list of items you want, get a feel for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than a third of your monthly income is a good guideline to go by.
Step 2 – Speak with a real estate agent
That's where I come in.
I'd be more than happy to plan a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Temecula area.
In addition, I'll help you begin the loan process.
There are some excellent mortgage professionals in Temecula, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
Following our initial meeting, I'll begin searching for available houses on the market that are a good fit for you.
I'll research most of the houses and ignore the duds, and then we'll book appointments to view the homes when it's convenient for you.
When we tour houses, I'll point out good features, as well as bad ones. I'll also ask you about things you like and dislike.
As a rule, buyers amend their must-have list as we tour homes and some things become more important than others.
If that happens, I'll go back through the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My awareness of the Temecula market is a valuable resource in your house search. I'm informed of all the school districts and neighborhoods, and I will alert you to some districts are "hot" and warrant prompt action and the ones that are "cool" and allow for careful examination.
As we tour houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I think the house is "priced to sell."
When working with an agent, be careful and make sure you ask a lot of questions, as every real estate agent will convince you they know the home market.
If it doesn't seem like they know everything, just call me at 951-587-9200 or e-mail me at kimmen@ca-realtygroup.net, and I'll be glad to answer any questions you may have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream home in the Temecula area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are getting financing, finishing the home inspection, and a clean title.
Upon turning in your offer, you'll likely need to present "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property and is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer. It's widely common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll put together a contract that is best for you.
Step 7 – Obtain a loan
Upon completion of the contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all. However, you should to keep in close contact with your mortgage 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 give you a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements mandate 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 everything looks all right.
Then we'll close on your home. This should happen at a title company or escrow office and will likely be a smooth and easygoing occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at 951-587-9200 or send me an e-mail.
