Purchasing a home is intimidating for most people. However, with a little planning ahead of time, it's not very complicated. So you know exactly what to expect, we like to supply our buyers with an outline of the entire deal. Here are my nine steps to purchasing a home.
||When you're ready to get started, simply contact us here or send an e-mail to firstname.lastname@example.org. We'll be glad to address questions you have about this information.
Step 1 – Prepare to buy
There are a lot of things you should consider before you start searching for a home. You'll most likely want to form a check list of must-have features, get an idea of what school districts you'd like to live in, and start planning around your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good rule to go by.
Step 2 – Speak with a real estate agent
This is where we come in. We can book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Bay Area.
In addition, we'll help you begin the loan process. There are some great mortgage professionals in the San Francisco Bay Area, and we partner with a lot of them, so you're in great hands. They will assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our first meeting, we'll begin searching for available homes on the market that are a great fit for you. We'll preview many of the homes and eliminate the bad ones, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we view homes, we'll point out positive features and bad ones. And we'll ask you to talk about things you like and dislike. Usually, buyers revise their list of must-haves as we tour houses and some features become far more necessary than others. If that's the situation, we'll look through the listings again and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
Our awareness of the East Bay Area housing market is a valuable benefit in your house search. We are familiar with all the neighborhoods and school districts, and we will communicate some neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for thoughtful analysis.
When we tour houses, we'll be sure to tell you when the list price has room for bargaining and also when we think the home is "priced to sell." Be on guard and be sure to ask a lot of questions, as any real estate agent in the East Bay Area will convince you they understand the housing market. If things don't add up, call us at (510) 357-3350 or e-mail us at email@example.com, and we'd be happy to answer any questions you may have. Our knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
We're positive we'll find the home of your dreams in the Bay Area, and when we do, we'll meticulously develop your purchase offer. The offer will be written exactly to your needs. Whenever necessary, we never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When presenting your offer, you'll probably need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a role in how aggressively we negotiate the contract. We'll also work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Obtain your loan
Upon completion of the contract, you'll begin working with your lender to close the loan. If you've been pre-approved, it shouldn't be a long process at all, but you'll need to keep in close contact with your lender. And I'll care for all the property information your lender will need 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 getting your loan 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 precise range of accuracy. 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 probably happen at a title company or escrow office and will most likely be a smooth and relaxing affair.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, just call us at (510) 357-3350 or send me an e-mail.