Buying a home is an intimidating event for a lot of people, but with a bit of planning ahead of time, it isn't all that difficult.
I like to furnish buyers with an overview of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
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Should 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 property@lapropertiesonline.com.
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Step 1 – Get ready to purchase
Before you start your home search, there are several things you'll want to do.
It's likely that you'll want to form a list of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your net monthly income is a good principle to follow.
Step 2 – Speak with a real estate agent in Pasadena
That's where I come in.
We can plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Pasadena area, the mortgage and housing industries, to any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
VirtualRealty&MortgageGroup works with some of Pasadena's best mortgage professionals, so you're in great hands.
They'll help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After we meet for the first time, I'll begin finding homes on the market that meet your needs.
I'll research many of the homes and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
As we tour homes, I'll identify positive features, as well as bad ones. I'll even ask you what things you like and don't like.
As a rule, buyers amend their wish list as we tour homes and some features become more substantial than others.
If such is the case, I'll go back through the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
An agent's awareness of the Pasadena housing market is a necessary aspect in your house search. And I can assure you I'm informed of all the school districts and neighborhoods, and I can alert you to some districts are "hot" and require prompt action and the ones that are "cold" and allow for more analysis.
As we view homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask lots of questions, as every real estate agent in Pasadena will tell you they truly know the housing market.
If things don't add up, call me at 323-244-0037 or e-mail me at property@lapropertiesonline.com, and I'll 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 process.
Step 5 – Find the home of your dreams
I'm certain we'll find the home of your dreams in the Pasadena area. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clear title.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property. The amount is most often applied to the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the initial offer. It's extremely common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Secure a loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you need to stay in close contact with your mortgage lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your house. This should happen at a title company or escrow office and will most often be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 323-244-0037 or send me an e-mail.