Are you purchasing your new home on the Monterey Peninsula?
Buying a home is intimidating for many people. However, with a little planning ahead of time, it's not that confusing. So you'll know exactly what to expect, I like to furnish my buyers with a road map of the entire deal. Below are my nine steps to buying a home.
When you're ready to get started, you can contact me here or send me e-mail. I'm glad to answer any questions you have regarding this information.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are plenty of things you'll want to consider. You'll probably want to put together an outline of features you need to have, plan for what school districts you'd like to live in, and begin planning your budget.
Step 2 – Get with a Realtor on the Monterey Peninsula
That's where I come in. I can set up 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 the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Monterey Peninsula area.
I'll also help you begin the loan process. There are some excellent mortgage professionals, and I work with a lot of them, so you can rest assured that you're in great hands. They will assist you in figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll begin searching for available houses on the market that are great for you. I'll research most of the houses and exclude the bad ones, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we view the houses, I'll call attention to good features and negative ones. And I'll ask you to talk about things you like and dislike. As a rule, buyers change their must-have list as we view homes and some things become far more crucial than others. If that's the situation, I'll go back through all the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Know the housing market
An agent's awareness of the housing market is an essential agent in your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I will alert you to certain neighborhoods are "hot" and demand immediate action and the rest that are "cold" and allow for careful examination.
As we tour houses, I'll be sure to tell you when the asking price has room for negotiation and when I think the house is "priced to sell." When working with an agent, be on guard and make sure you ask lots of questions, as every REALTOR® will convince you they truly know the housing market. If it seems like they don't know everything, contact me at (831) 238-1984 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you might have. My knowledge of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
When sending in your offer, you'll probably need to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is typically applied to the closing costs. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the beginning offer, and it's really common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal. We'll also work within your financing budget. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get your loan
You will be pre-approved with a local mortgage lender. I will look after all the property information your mortgage 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 taking your application. The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your house. This will probably take place at a title company or escrow office and should be a smooth and easygoing 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) 238-1984 or send me an e-mail.