With some up-front planning, purchasing a home isn't too difficult, but the event can be stressful for many people.
I like to furnish buyers with a road map of the entire deal so they understand exactly what they can expect.
Here are my nine steps to buying a home.
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Should you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at appraisals@justcompany.net.
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Step 1 – Prepare to purchase
Before you begin your home search, there are many things you should take into account.
You'll probably want to assemble a checklist of features you want to have, get a plan of what neighborhoods you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent in Reedley
This is where I can help.
I'd be more than happy to arrange a time to meet 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, schools in the Reedley area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I'll also help you start the loan process.
Just Company Real Estate works with some of the finest mortgage professionals in Reedley, so you're in great hands.
They can help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After we meet for the first time, I'll begin searching for available houses on the market that are a great fit for you.
I'll research most of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view houses, I'll call attention to good features and bad ones. I'll even ask you what things you like and dislike.
It's common for buyers to amend their must-have list as we tour homes and some features become more essential than others.
If that happens, I'll go back through all the listings again and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
My understanding of the Reedley market is a valuable asset in your house search. I am acquainted with all the neighborhoods and schools, and I'll alert you to what neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for more consideration.
When we view houses, I'll make sure to communicate when the seller's list price has room for bargaining and also when I believe the house is "priced to sell."
Every real estate agent will claim to comprehend the housing market, but be on guard, and be sure to ask your agent a lot of questions.
If things don't add up, call me at 559-638-5388 or e-mail me at appraisals@justcompany.net, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find the house of your dreams in Reedley. When that happens, I'll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clean title.
When turning in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is usually put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer. It's very common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances 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 formulate a contract that works well for you.
Step 7 – Get a loan
Upon signing the deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take much time at all. But you should to keep in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will give you a Good Faith Estimate (GFE) of 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 application.
The estimate is based on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will likely happen at a title company or escrow office and should be a smooth and pleasant occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 559-638-5388 or send me an e-mail.