Purchasing a home is a stressful event for a lot of people, but with a little planning ahead of time, it's not too difficult.
So you'll know exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
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Should you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at HW380@AOL.COM.
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Step 1 – Get ready to purchase
There are several things you'll want to consider prior to beginning your home search.
When you start your search, you'll want to assemble a checklist of must-haves, get a feel for what neighborhoods and school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
This is where I can help.
We can book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Burlingame area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you get started on your loan.
I work with some of Burlingame's best mortgage professionals, so you'll be in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
After we meet for the first time, I'll begin finding available homes on the market that are good for you.
I'll preview many of the homes and ignore the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we tour the homes, I'll show you the good features, as well as bad ones. And I'll ask you what things you like and dislike.
It's common for buyers to change their list of must-haves as we view homes and some features become far more important than others.
If such is the case, I'll look through the listings another time and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the market
My awareness of the Burlingame market is a necessary advantage in your home search. I am mindful of all the schools and neighborhoods, and I can let you know what areas are "hot" and demand prompt action and others that are "cold" and allow for cautiousness.
As we view homes, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Every real estate agent in Burlingame will claim to truly know the housing market.
If things don't add up, call me at 650-888-5829 or e-mail me at HW380@AOL.COM, and I'll be glad to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find the house of your dreams in the Burlingame area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon sending in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get a loan
Upon completing the deal, you'll start working with your lender to close the loan.
It won't take long at all if you're already pre-qualified, 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
Your lender will give you a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of getting your loan application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often happen at a title company or escrow office and should be a smooth and hassle-free affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 650-888-5829 or send me an e-mail.