With some planning ahead of time, purchasing a home isn't very confusing, but the event is intimidating for a lot of people.
So you'll know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
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If you have any questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at res0555u@verizon.net.
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Step 1 – Prepare to buy
There are several things you'll want to do before starting your home search.
When you start your search, you'll want to create an outline of features you need, plan for what school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent in Los Angeles
That's where I can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Los Angeles area.
I can also assist you in getting started on your loan.
There are some very good mortgage professionals in Los Angeles, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our first meeting, I'll begin finding available homes on the market that are great for you.
I'll get a sneak peek of most of the houses and reject the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we tour homes, I'll show you the positive features and negative ones. I'll even ask you what things you like and dislike.
Frequently, buyers amend their wish list as we view houses and some items become more necessary than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the home of your dreams.
Step 4 – Understand the housing market
My awareness of the Los Angeles market is an indispensable benefit in your home search. I'm acquainted with all the neighborhoods and schools, and I can alert you to some areas are "hot" and require immediate action and the ones that are "cool" and allow for careful analysis.
As we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask a lot of questions, as any real estate agent will convince you they truly understand the home market.
If things don't add up, just call me at (310) 442-6189 or e-mail me at res0555u@verizon.net, and I'll be glad to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in Los Angeles. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, completing the inspection, and a clean title.
Upon submitting your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is most often applied to the closing costs. If the seller accepts your offer, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's really common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure your loan
After we sign the final contract, you'll start working with your lender to close the loan.
This shouldn't take much time at all if you've been pre-approved, but you need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of getting your loan application.
The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and comfortable occasion.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at (310) 442-6189 or send me an e-mail.
