For most people, purchasing a home is a stressful event. However, with a little up-front planning, it isn't very complicated. So you'll know exactly what to expect, I like to give my buyers an overview of the entire deal. Below are my nine steps to buying a home.
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Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at aephraim@remaxpv.com. |
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Step 1 – Prepare to purchase
There are a lot of things you need to take into account before you search for a home. You'll most likely want to form an index of items you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to follow.
Step 2 – Get with a real estate agent in the South Bay
This is where RE/MAX PV Realty comes in. We can arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss everything from neighborhoods, school districts in the the South Bay area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.
I'll also help you begin the loan process. RE/MAX PV Realty partners with some of the South Bay's finest mortgage professionals, so you can rest assured that you're in great hands. They can help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll begin finding homes on the market that suit your needs. I'll preview many of the homes and throw out the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
As we view the homes, I'll show you the positive features and negative ones. And I'll ask you to tell us about things you like and dislike. It's widely common for buyers to revise their must-have list as we tour homes and some things become far more necessary than others. If such is the case, I'll search the listings another time and trim it down to the home of your dreams.
Step 4 – Get a feel for the market
Your agent's understanding of the the South Bay housing market is a fundamental element in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I'll alert you to which neighborhoods are "hot" and call for prompt action and the ones that are "cool" and allow for thoughtful consideration.
As we tour homes, I'll make sure to communicate when the seller's asking price has room for negotiation and when I trust the home is "priced to sell." When working with an agent, be mindful and make sure you ask a lot of questions. Every REALTOR® in the South Bay will claim to truly know the market. If things don't add up, just call me at 310-541-6389 or e-mail me at aephraim@remaxpv.com, and I'll be 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 the home you've been waiting for
I'm certain we'll find your dream home in the South Bay, and when that happens, I'll meticulously develop your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure the offer to purchase the property and is typically put towards the cost of closing. If the offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer. It's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions. In addition, we'll work within your budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Secure a loan
Upon completing the contract, you'll begin working with your mortgage lender to close the loan. If you're pre-qualified, it won't take much time at all. However, you need to stay in close contact with your lender. And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of taking your application. This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and hassle-free occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything, make sure you contact me at 310-541-6389 or send me an e-mail.
