For most people, purchasing a home can be a stressful event. But with a bit of up-front planning, it isn't too complex. I like to provide buyers with a road map of the entire deal so they understand exactly what they can expect. Below are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to Natellab@yahoo.com. I'm happy to address questions you have about this information. |
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Step 1 – Get ready to buy
Before you start searching for a home, there are several things you should contemplate. When you start your search, you'll probably want to form a check list of features you need, get an idea of what neighborhoods and school districts you want to live in, and begin planning your budget. A good rule of thumb to adhere to is that your mortgage payment should be less than or close to 1/3 of your monthly income.
Step 2 – Get with a real estate agent in The Bay Area
That's where I can help. I'd be happy to plan a time to meet with you and speak with you regarding 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 may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the San Francisco Bay Area.
In addition, I'll help you start the loan process. I work with some of the best mortgage professionals in the area, so you're in great hands. They can assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Begin your search
After our first meeting, I'll begin looking for houses on the market that are good for you. I'll research most of the homes and remove the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we tour the homes, I'll point out good features, as well as negative ones. I'll even ask you what things you like and don't like. It's pretty common for buyers to amend their list of must-haves as we view homes and some things become more substantial than others. If that happens, I'll look through the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
An agent's knowledge of the San Francisco Bay Area housing market is a crucial component in your house search. And I assure you I'm informed of all the schools and neighborhoods, and I will let you know what districts are "hot" and demand prompt action and others that are "cold" and allow for more analysis.
As we tour homes, I'll let you know when the seller's asking price has room for negotiation and also when I trust the house is "priced to sell." Every REALTOR® will tell you they truly understand the home market, but be mindful, and be sure to ask your agent lots of questions. If things don't add up, just call me at (510) 537-1900 or e-mail me at Natellab@yahoo.com, and I'll be more than happy to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm sure we'll find your dream home in the Bay Area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as getting financing, finishing the inspection, and a clean title.
Upon turning in your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If the seller accepts the 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 aren't closed on the first offer. It's extremely common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a big part in how aggressively we negotiate the contract. We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Secure your loan
After the deal is finalized, you'll begin working with your mortgage lender to close the loan. This shouldn't be a long process at all if you're already pre-approved, but you'll want to keep in close contact with your lender. And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your application. The estimate is formed from the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy, and I'll go over the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most likely be a smooth and relaxing event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at (510) 537-1900 or send me an e-mail.
