Purchasing a home is an intimidating event for many people, but with some planning ahead of time, it isn't that complex.
So you'll understand exactly what to expect, I like to supply my buyers with an overview of the entire deal.
These are my nine steps to buying a home.
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If you have any questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at mayleemba2007@yahoo.com.
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Step 1 – Prepare to purchase a home
There are many things you should take into account before you start looking for a home.
When you begin your search, you'll probably want to assemble a checklist of features you want, get a feel for what neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 1/3 of your monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent
That's where I come in.
I'd like to plan a time to get together with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Milpitas area.
I'll also help you begin the loan process.
There are some great mortgage professionals in Milpitas, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
After our first meeting, I'll begin looking for houses on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and exclude the duds, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
When we tour the houses, I'll identify positive features, as well as negative ones. I'll also ask you what things you like and don't like.
Oftentimes, buyers change their list of must-haves as we tour houses and some things become more important than others.
If that happens, I'll search all the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the market
My awareness of the Milpitas home market is a necessary asset in your home search. I am conscious of all the school districts and neighborhoods, and I will let you know certain areas are "hot" and require prompt action and the ones that are "cool" and allow for careful consideration.
When we view houses, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent will tell you they truly understand the housing market, but beware, and make sure you ask your agent lots of questions.
If things don't add up, call me at (408) 207-3500 or e-mail me at mayleemba2007@yahoo.com, and I'd be more than happy to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm confident we'll find your dream house in the Milpitas area. When that happens, I'll precisely develop your purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as obtaining financing, finishing the home inspection, and a clear title.
When we present your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to buy the property and is often applied to the cost of closing. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer – it's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Get your loan
Once we sign the final contract, you'll start working with your lender to close the loan.
If you're pre-approved, it shouldn't take very long at all, but you need to stay 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
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a tight range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then it's time to close on your home. This will most often occur at a title company or escrow office and should be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to contact me at (408) 207-3500 or send me an e-mail.