Purchasing a home intimidates many people. However, with a bit of planning ahead of time, it isn't all that hard.
So you know exactly what to expect, I like to supply my buyers with a road map of the entire deal.
These are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to ARiveraRealty@gmail.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Get ready to purchase
There are many things you need to do before you start searching for a home.
It's likely that you'll want to create a list of must-haves, get an idea of what school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 1/3 of your monthly income is a good principle to adhere to.
Step 2 – Speak with a real estate agent
This is where Real Estate eBroker DRE# 01852221 comes in.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Escondido area, the mortgage industry, and any additional economic factors that may potentially affect your buying decision today or in the future.
I can also help you get started on your loan.
Real Estate eBroker DRE# 01852221 works with some of Escondido's finest mortgage professionals, so you can rest assured that 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 – Start looking
After our initial meeting, I'll start finding available homes on the market that are a good fit for you.
I'll preview most of the houses and throw out the duds, and then we'll book appointments to view the homes when it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as negative ones. I'll even ask you about things you like and dislike.
Frequently, buyers change their must-have list as we view homes and some items become more substantial than others.
If such is the case, I'll search the listings another time and trim it down to the home you've been dreaming about.
Step 4 – Know the market
My knowledge of the Escondido housing market is a crucial benefit in your house search. I'm familiar with all the neighborhoods and schools, and I will communicate what neighborhoods are "hot" and call for immediate action and others that are "cool" and allow for cautiousness.
When we view homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
Be on guard and be sure to ask your agent a lot of questions, as any real estate agent will convince you they know the housing market.
If things don't add up, contact me at 858 952-4600 or e-mail me at ARiveraRealty@gmail.com, and I'll be happy to answer any questions you have. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the home of your dreams in Escondido. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies, such as getting financing, completing the inspection, and a clear title.
When we send in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is often put towards the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's widely common to receive a counter offer. But don't let it alarm you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Obtain financing
After the contract is finished, you'll begin working with your lender to close the loan.
If you're already pre-qualified, this shouldn't be a long process at all. However, you'll need to keep in close contact with your lender.
And I'll look after 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 mortgage lender within three days of receiving your application.
This estimate is based on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks adequate.
Then we'll close on your house. This will most likely take place at a title company or escrow office and is often a smooth and peaceful affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, simply contact me at 858 952-4600 or send me an e-mail.
