Buying a home can be stressful for most people, but with a little up-front planning, it isn't all that hard.
So you'll know exactly what to expect, I like to supply my buyers with an outline of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to purchase
Before you start looking for a home, there are many things you'll want to contemplate.
When you start your search, you'll probably want to create a checklist of features you want to have, get a feeling for what school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent
That's where I can help.
We can arrange 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 discuss the mortgage industry, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Mission Viejo area.
I'll also help you start the loan process.
I partner with some of Mission Viejo's best mortgage professionals, so you can rest assured that you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Start house hunting
Following our first meeting, I'll start finding available houses on the market that are a great fit for you.
I'll research many of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we view homes, I'll call attention to positive features, as well as bad ones. I'll also ask you about things you like and don't like.
Most often, buyers change their wish list as we view homes and some things become far more essential than others.
If such is the case, I'll look through the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Know the housing market
My knowledge of the Mission Viejo home market is an essential advantage in your home search. I'm acquainted with all the neighborhoods and schools, and I can alert you to certain districts are "hot" and demand prompt action and the ones that are "cold" and allow for more consideration.
As we view homes, I'll make sure to communicate when the list price has room for bargaining and when I think the house is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions. Every real estate agent in Mission Viejo will tell you they truly understand the housing market.
If it appears they don't know everything, call me at 949-709-2606 or e-mail me at christopher@christophermahr.com, and I'll be glad to answer any questions you may have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream house
I'm confident we'll find the house of your dreams in Mission Viejo. When we do, I'll precisely create your real estate purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
When submitting your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property. The amount is usually applied to the cost of closing. If the offer is accepted, we should close within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer – it's pretty common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Secure your loan
Once we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, it won't be a long process at all. But you'll want to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) of closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks permissible.
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 easygoing occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 949-709-2606 or send me an e-mail.
