Buying a home intimidates a lot of people. However, with a little up-front planning, it isn't too confusing.
I like to supply buyers with a road map of the whole deal so they know exactly what to expect.
Below are my nine steps to purchasing a home.
Step 1 – Get ready to purchase
Before you start looking for a home, there are a lot of things you need to consider.
When you start your search, you'll want to create an outline of features you want, get a feeling for what school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to 30 percent of your net monthly income is a good rule to go by.
Step 2 – Talk to a real estate agent
That's where I can help.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Irvine area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you facilitate the loan process.
I partner with some of the best mortgage professionals in Irvine, so you'll be in great hands.
They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
After our initial meeting, I'll begin looking for available houses on the market that meet your needs.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll point out good features, as well as bad ones. I'll even ask you about things you like and dislike.
Usually, buyers revise their must-have list as we view homes and some things become more essential than others.
If that's the case, I'll look through the listings another time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
My understanding of the Irvine home market is a crucial benefit in your home search. I am familiar with all the school districts and neighborhoods, and I'll let you know what neighborhoods are "hot" and require immediate action and some that are "cool" and allow for careful consideration.
As we tour houses, I'll let you know if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions, as any REALTOR® will tell you they understand the housing market.
If it doesn't seem like they know everything, call me at (866)-460-0370 or e-mail me at mwatcher@coastalvaluations.com, and I'll be glad to answer your questions. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home of your dreams
We'll find your dream house in Irvine, and when that happens, I'll carefully develop your home purchase offer. The offer will be written keeping 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.
Upon turning in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is typically applied to the closing costs. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll create a contract that's best for you.
Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, it won't take long at all, but you need to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) detailing your closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a close 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 probably take place at a title company or escrow office and will most often be a smooth and calm event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (866)-460-0370 or send me an e-mail.
