Buying a home can be stressful for most people, but with a little up-front planning, it's not too complicated.
So you know exactly what to expect, I like to furnish my buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to purchase a home
Prior to starting your home search, there are plenty of things you should consider.
When you begin your search, you'll want to put together an outline of features you need to have, plan for what school districts and neighborhoods you want to live in, and begin planning around your budget.
A good guideline to go by is that your mortgage payment should be around 30 percent of your monthly income.
Step 2 – Talk to a real estate agent
That's where I come in.
We can arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss everything from neighborhoods, school districts in the Visalia area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
I partner with some of the best mortgage professionals in Visalia, so you'll be in great hands.
They'll assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll begin looking for homes on the market that are a great fit for you.
I'll preview most of the homes and eliminate the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
As we view the houses, I'll show you the positive features, as well as bad ones. And I'll ask you about things you like and dislike.
It's pretty common for buyers to update their list of must-haves as we view houses and some features become more essential than others.
If such is the case, I'll go back through all the listings another time and trim it down to the house you've been dreaming about.
Step 4 – Get a feel for the market
An agent's understanding of the Visalia market is an essential aspect in your house search. And I assure you I'm familiar with all the schools and neighborhoods, and I will communicate what areas are "hot" and warrant immediate action and the ones that are "cool" and allow for careful examination.
When we view houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I think the home is "priced to sell."
Any real estate agent in Visalia will convince you they truly know the home market, but be mindful, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at 5597408841 or e-mail me at harold@hoppertrealestate.com, and I'll be more than happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find your dream house in the Visalia area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer. It's really common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing limits. And at the end of the day, we'll put together a contract that is best for you.
Step 7 – Get your loan
After the contract is finished, you'll start working with your lender to close the loan.
It shouldn't take long at all if you've been pre-qualified, but you'll need to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will most often be a smooth and hassle-free occurrence.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at 5597408841 or send me an e-mail.
