Buying a home intimidates a lot of people. However, with some planning ahead of time, it's not that hard. I like to give buyers an overview of the whole deal so they'll understand exactly what to expect. Here are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you begin searching for a home, there are plenty of things you'll want to consider. When you start your search, you'll want to assemble an outline of items you want, get a plan of what neighborhoods you want to live in, and start planning your budget. Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to follow.
Step 2 – Contact a real estate agent in Rolling Hills Estates
This is where I can help. I'd be happy to arrange a time to get together with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, school districts in the Rolling Hills Estates area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan. There are some very good mortgage professionals in Rolling Hills Estates, and I work with a lot of them, so you're in great hands. They can help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll begin finding homes on the market that are good for you. I'll research many of the houses and reject the duds, and then we'll set up appointments to view the homes when it's convenient for you.
As we view homes, I'll call attention to positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like. Oftentimes, buyers update their list of must-haves as we tour houses and some items become far more substantial than others. If that's the situation, I'll search the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Know the market
Your agent's understanding of the Rolling Hills Estates housing market is a necessary factor in your house search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will let you know which areas are "hot" and demand immediate action and others that are "cold" and allow for thoughtful examination.
When we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." Be mindful and be sure to ask your agent lots of questions, as every real estate agent in Rolling Hills Estates will tell you they truly understand the market. If things don't add up, contact me at (310)377-0987 or e-mail me at , and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
I know we'll find your dream home in the Rolling Hills Estates area, and when that happens, I'll precisely create your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property, and it's often put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer, and it's pretty common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to consent 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. We'll also 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 a loan
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it won't take very long at all. However, you'll need to keep in close contact with your mortgage lender. And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your application. This estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely happen at a title company or escrow office and is often a smooth and hassle-free occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at (310)377-0987 or send me an e-mail.
