For a lot of people, buying a home is a stressful event. However, with a bit of planning ahead of time, it isn't too difficult.
I like to furnish buyers with an overview of the whole deal so they know exactly what they can expect.
Here 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 Karin@neighborshomerealty.com. I'm happy to address questions you have about this information.
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Step 1 – Prepare to buy
There are a lot of things you need to consider before you search for a home.
You'll want to form a list of features you need to have, plan for what neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule to go by.
Step 2 – Get in touch with a real estate agent in Roseville
That's where I come in.
I'd be happy to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Roseville area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you start the loan process.
Neighbors Home Realty partners with some of Roseville's best mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After we meet for the first time, I'll start finding available homes on the market that suit your needs.
I'll research most of the homes and throw out the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view the houses, I'll show you the good features and bad ones. And I'll ask you to point out what things you like and don't like.
Usually, buyers change their list of must-haves as we view houses and some things become far more necessary than others.
If that's the case, I'll go back through all the listings one more time and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
My knowledge of the Roseville market is a necessary advantage in your home search. I am informed of all the school districts and neighborhoods, and I can let you know some neighborhoods are "hot" and demand immediate action and others that are "cool" and allow for careful examination.
As we view houses, I'll be sure to tell you when the list price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions, as any real estate agent in Roseville will convince you they comprehend the market.
If it doesn't seem like they know everything, call me at 916-804-1503 or e-mail me at Karin@neighborshomerealty.com, and I'll be more than happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream home in the Roseville area, and when that happens, I'll precisely develop your home purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we turn in your offer, most likely you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is typically applied to the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the initial offer, and it's widely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
After the contract is finished, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take much time at all, but you need to keep in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and pleasant affair.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, just call me at 916-804-1503 or send me an e-mail.