With some planning ahead of time, buying a home isn't that difficult, but the event is intimidating for a lot of people.
I like to provide buyers with a road map of the entire deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Prepare to buy a home
There are plenty of things you need to consider before beginning your home search.
You'll want to make an outline of must-haves, get a feeling for what neighborhoods you'd like to live in, and begin planning around your budget.
A good rule to adhere to is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent in Rolling Hills Estates
That's where I can help.
I'd like to plan a time to meet with you and communicate with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, schools in the Rolling Hills Estates area, the mortgage and housing industries, and any additional economic factors that may affect your purchase today or in the future.
I can also help you begin the loan process.
There are some great mortgage professionals in Rolling Hills Estates, and I work with a lot of them, so you can rest assured that you're in great hands.
They will assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start looking
After our initial meeting, I'll begin looking for homes on the market that suit your needs.
I'll research many of the houses and reject the bad ones, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we view homes, I'll point out positive features and bad ones. And I'll ask you about things you like and dislike.
For the most part, buyers change their list of must-haves as we view homes and some features become far more important than others.
If that's the case, I'll search all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
My understanding of the Rolling Hills Estates housing market is a crucial asset in your house search. I am informed of all the neighborhoods and schools, and I will alert you to which neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for more consideration.
When we view homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
Any REALTOR® in Rolling Hills Estates will claim to know the market, but trust your instincts, and be sure to ask your agent a lot of questions.
If it seems like they don't know everything, contact me at (310)377-0987 or e-mail me at pvhomes@pvhomes.net, and I'd be more than happy to answer any questions you have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream home
I'm confident we'll find the home of your dreams in Rolling Hills Estates. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property and is typically applied to the closing costs. If the offer is accepted, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get financing
Upon completion of the deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, it shouldn't take much time at all. But you should to stay in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at (310)377-0987 or send me an e-mail.
