For a lot of people, buying a home can be an intimidating event. But with some planning ahead of time, it isn't very complex. I like to provide buyers with an overview of the entire deal so they'll understand exactly what they can expect. These are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to info@ericeide.com. I'm glad to address questions you have regarding this information. |
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Step 1 – Get ready to purchase a home
There are several things you'll want to consider before commencing your home search. You'll want to form a check list of features you need, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget. Ensuring your mortgage payment is less than or close to 30 percent of your net monthly income is a good guideline to follow.
Step 2 – Speak with a professional real estate agent
This is where Re/Max Masters Realty comes in. I'd be happy to book a time to get together with you and talk about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, school districts, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan. I partner with some of the best mortgage professionals, so you can rest assured that you're in great hands. They can assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Start looking
After we meet for the first time, I'll start looking for available homes on the market that are a good fit for you. I'll preview many of the homes and remove the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we tour the houses, I'll call attention to positive features, as well as negative ones. And I'll ask you to point out what things you like and don't like. It's common for buyers to change their must-have list as we view houses and some features become far more essential than others. If that's the situation, I'll look through all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
An agent's understanding of the housing market is a necessary factor in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I'll alert you to what neighborhoods are "hot" and require prompt action and some that are "cold" and allow for more examination.
When we view homes, I'll be sure to tell you when the seller's list price has room for negotiation and also when I trust the home is "priced to sell." Any REALTOR® will convince you they know the market, but be careful, and make sure you ask plenty of questions. If things don't add up, call me at 714-785-2557 or e-mail me at info@ericeide.com, and I'd be glad to answer your questions. My understanding of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find the home of your dreams, and when that happens, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we submit your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property. The amount is often applied to the closing costs. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract. We'll also work within your financing constraints. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll start working with your mortgage lender to close the loan. If you're already pre-qualified, this won't be a long process at all. But you'll need to keep in close contact with your mortgage lender. And I'll care for 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) of closing costs from your mortgage lender within three days of taking your loan application. This estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just contact me at 714-785-2557 or send me an e-mail.
