Purchasing a home intimidates most people, but with a little up-front planning, it isn't too complex.
So you know exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to purchase
Before you begin looking for a home, there are many things you'll want to contemplate.
You'll probably want to make a check list of features you need to have, plan for what neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than a third of your net monthly income is a good rule of thumb to follow.
Step 2 – Get with a real estate agent in Rocklin
This is where SELLSTATE Realty First can help.
We'll schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Rocklin area.
I can also help you facilitate the loan process.
SELLSTATE Realty First works with some of Rocklin's best mortgage professionals, so you can rest assured that you're in great hands.
They'll help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
After our first meeting, I'll begin searching for houses on the market that suit your needs.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
When we tour the homes, I'll show you the good features, as well as negative ones. And I'll ask you about things you like and don't like.
It's widely common for buyers to amend their must-have list as we view homes and some features become more crucial than others.
If that's the case, I'll look through all the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
My understanding of the Rocklin home market is a valuable benefit in your house search. I am informed of all the neighborhoods and schools, and I'll communicate certain districts are "hot" and warrant immediate action and the ones that are "cool" and allow for careful examination.
As we view houses, I'll be sure to tell you when the seller's list price has room for bargaining and also when I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions. Any REALTOR® in Rocklin will claim to know the housing market.
If things don't add up, just call me at 916-784-7653 or e-mail me at marguerite@realty1st.com, and I'll be glad to answer your questions. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the home of your dreams in Rocklin. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When presenting your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property and is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's really common to receive a counter offer. But don't let this discourage you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take long at all. However, you should to keep in close contact with your mortgage 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) of your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount. RESPA requirements order that it has to include all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably happen at a title company or escrow office and will likely be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 916-784-7653 or send me an e-mail.
