Purchasing a home is intimidating for a lot of people, but it isn't too complicated with a bit of up-front planning.
I like to give buyers an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
There are many things you should do before beginning your home search.
When you start your search, you'll probably want to make an index of items you need, get an idea of what neighborhoods you'd like to live in, and start working on your budget.
A good rule to adhere to is that your mortgage payment should be no more than a third of your monthly income.
Step 2 – Speak with a real estate agent in San Leandro
That's where I can help.
I'd like to plan a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the San Leandro area, the mortgage and housing industries, and any other economic factors that may potentially affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
James Forrest Realtor partners with some of the best mortgage professionals in San Leandro, so you'll be in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll begin finding available homes on the market that are a good fit for you.
I'll research many of the houses and remove the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
When we view the homes, I'll show you the positive features and bad ones. And I'll ask you to talk about things you like and don't like.
As a rule, buyers change their list of must-haves as we view houses and some things become far more necessary than others.
If such is the case, I'll search all the listings another time and narrow it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
An agent's understanding of the San Leandro home market is a necessary aspect in your home search. And I can assure you I'm informed of all the neighborhoods and school districts, and I'll alert you to which areas are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful examination.
When we view homes, I'll be sure to tell you if the asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be on guard and make sure you ask a lot of questions. Every REALTOR® will claim to truly understand the home market.
If it appears they don't know everything, call me at 510-352-0178 or e-mail me at jamesforrestrealtor@gmail.com, and I'd be happy to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm certain we'll find the house of your dreams in the San Leandro area. When we do, I'll carefully create your real estate purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
When presenting your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property and is usually applied to the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll compose a deal that's best for you.
Step 7 – Get financing
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, this won't take very long at all. However, you need to stay in close contact with your lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy. I'll go over the estimate and let you know if it all looks good.
Then we'll close on your home. This will most likely happen at a title company or escrow office and is often a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply contact me at 510-352-0178 or send me an e-mail.
