With some up-front planning, purchasing a home isn't too complex, but the event is stressful for a lot of people. I like to provide buyers with an overview of the entire deal so they understand exactly what they can expect. Here are my nine steps to buying a home.
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Should you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at phyllis@realtorharb.com. |
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Step 1 – Prepare to buy a home
There are plenty of things you'll want to consider before beginning your home search. You'll most likely want to form a check list of features you want to have, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning your budget. Keeping your mortgage payment less than or around 1/3 of your monthly income is a good rule of thumb to go by.
Step 2 – Get with a real estate agent in Glendale
This is where I come in. I'd like to set up a time to get together with you and communicate with you regarding your real estate needs and get an idea of your plans for the future. We'll discuss neighborhoods, school districts in the Glendale area, the mortgage industry, and any additional economic factors that may affect your purchase today or in the future.
I'll also help you start the loan process. I partner with some of the finest mortgage professionals in Glendale, so you'll be in great hands. They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin looking for available houses on the market that are a good fit for you. I'll get a sneak peek of many of the houses and reject the bad ones, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
When we view the houses, I'll point out positive features and negative ones. I'll even ask you to talk about things you like and don't like. It's widely common for buyers to update their wish list as we view homes and some features become far more necessary than others. If that happens, I'll go back through the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the Glendale market is a crucial asset in your house search. I'm conscious of all the schools and neighborhoods, and I'll let you know which neighborhoods are "hot" and call for prompt action and others that are "cold" and allow for cautiousness.
As we view homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell." Every real estate agent in Glendale will claim to understand the market, but be mindful, and make sure you ask your agent a lot of questions. If it doesn't seem like they know everything, contact me at (818) 547-3777 or e-mail me at phyllis@realtorharb.com, and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I'm positive we'll find your dream home in Glendale, and when that happens, I'll precisely create your real estate purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When presenting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is most often applied to the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or refuse 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 at the end of the day, we'll compose a deal that is best for you.
Step 7 – Secure financing
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan. If you've been pre-approved, it won't be a long process at all, but you'll need to keep in close contact with your lender. And I'll manage 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 your closing costs from your lender within three days of receiving your loan application. The estimate is formed from the loan amount. RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at (818) 547-3777 or send me an e-mail.
