Buying a home can be stressful for many people, but with some planning ahead of time, it's not too difficult.
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.
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When you're ready to get started, you can contact me here or send e-mail to joe@brattyandbluhm.com. I'm glad to address questions you have regarding this information.
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Step 1 – Get ready to buy a home
There are a lot of things you'll want to consider before you start looking for a home.
You'll want to form an index of features you want to have, get a plan of what school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent
This is where Bratty & Bluhm Real Estate can help.
I'd be more than happy to book a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Pacific Grove area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
I'll also help you get started on your loan.
There are some very good mortgage professionals in Pacific Grove, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
Following our initial meeting, I'll begin finding available homes on the market that suit your needs.
I'll get a sneak peek of most of the houses and reject the bad ones, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view the homes, I'll identify good features and bad ones. I'll also ask you to tell us about things you like and don't like.
It's widely common for buyers to change their list of must-haves as we tour houses and some things become far more substantial than others.
If that happens, I'll go back through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Know the housing market
My understanding of the Pacific Grove housing market is an indispensable asset in your home search. I am familiar with all the neighborhoods and schools, and I'll alert you to certain areas are "hot" and call for prompt action and others that are "cold" and allow for thoughtful analysis.
When we view homes, I'll be sure to tell you when the list price has room for negotiation and when I know the home is "priced to sell."
Any REALTOR® in Pacific Grove will tell you they comprehend the home market, but take notice, and make sure you ask plenty of questions.
If things don't add up, contact me at (831)375-2183x103 or e-mail me at joe@brattyandbluhm.com, and I'd be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream home in Pacific Grove. When that happens, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When we turn in your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is usually applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's pretty common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it won't take long at all, but you should to keep in close contact with your mortgage lender.
And I'll handle 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) detailing your closing costs from your lender within three days of taking your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will likely occur at a title company or escrow office and is often a smooth and relaxed event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at (831)375-2183x103 or send me an e-mail.
