Are you buying your home in the South Bay?With a little planning ahead of time, buying a home isn't that complicated, but the event is stressful for a lot of people. So you know exactly what to expect, I like to furnish my buyers with a road map of thewhole deal. Here are my nine steps to purchasing a home.
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Step 1 – Prepare to purchase
There are many things you need to consider before beginning your home search. It's likely that you'll want to form a check list of items you need to have, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in the South Bay
This is where REMAX Estate Properties comes in. I'd be happy to book a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future. We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Palos Verdes Estates area.
In addition, I'll help you facilitate the loan process. REMAX Estate Properties works with some of the finest mortgage professionals in the South Bay, so you're in great hands. They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
After we meet for the first time, I'll begin finding available homes on the market that are a great fit for you. I'll preview most of the homes and throw out the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
As we tour the houses, I'll call attention to good features and negative ones. I'll also ask you to talk about things you like and don't like. Usually, buyers revise their wish list as we tour houses and some items become more crucial than others. If such is the case, I'll look through the listings one more time and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Palos Verdes Estates home market is an essential component in your house search. And I assure you I'm familiar with all the neighborhoods and schools, and I can communicate what areas are "hot" and require immediate action and the rest that are "cold" and allow for careful examination.
As we view homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell." Every REALTOR® in Palos Verdes Estates will convince you they comprehend the market, but trust your instincts, and be sure to ask lots of questions. If it doesn't seem like they know everything, call me at 310-378-9494 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you might have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the house you've been looking for
I know we'll find your dream home in the South Bay area. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When we turn in your offer, you'll need to present "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is most often applied to the cost of closing. 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 the deal
Unfortunately most deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline 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 formulate a contract that works well for you.
Step 7 – Secure a loan
Once the deal is finalized, you'll start working with your lender to close the loan. If you're already pre-qualified, it won't take very long at all. However, you should to keep in close contact with your mortgage lender. And I'll 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) outlining closing costs from your lender within three days of taking your loan application. This estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then we'll close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact me at 310-995-4047 or send me an e-mail.