Purchasing a home is an intimidating event for most people. However, with a little planning ahead of time, it isn't too hard.
I like to furnish buyers with an outline of the whole deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are many things you should take into account prior to beginning your home search.
When you begin your search, you'll probably want to form an outline of features you need, get a feel for what school districts you want to live in, and begin planning your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
That's where I can help.
I'd be happy to schedule a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Elk Grove area.
I can also help you facilitate the loan process.
There are some excellent mortgage professionals in Elk Grove, and I partner with a lot of them, so you'll be 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 looking
After our first meeting, I'll begin finding homes on the market that suit your needs.
I'll get a sneak peek of most of the houses and eliminate the duds, and then we'll book appointments to view the homes when it's most convenient for you.
As we tour houses, I'll point out positive features and negative ones. I'll also ask you to tell us about things you like and don't like.
Oftentimes, buyers update their must-have list as we view homes and some features become far more necessary than others.
If that happens, I'll go back through all the listings once more and trim it down to the home of your dreams.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Elk Grove home market is a crucial factor in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I will let you know which areas are "hot" and demand prompt action and others that are "cold" and allow for more analysis.
When we view houses, I'll let you know when the seller's asking price has room for negotiation and also when I know the house is "priced to sell."
Trust your instincts and be sure to ask a lot of questions, as any REALTOR® in Elk Grove will convince you they know the housing market.
If it seems like they don't know everything, call me at 916-813-2961 or e-mail me at analyn@analynmiller.com, and I'll be glad to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the Elk Grove area. When we do, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
Upon turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the first offer – it's really common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll compose a contract that is best for you.
Step 7 – Obtain financing
Upon finishing the contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take much time at all, but you need to keep in close contact with your lender.
And I'll look after 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 taking your loan application.
This estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and be within a precise range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This should happen at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at 916-813-2961 or send me an e-mail.
