Purchasing a home is a stressful event for most people. However, with a bit of up-front planning, it's not all that complicated. I like to supply buyers with an outline of the entire deal so they understand exactly what to expect. Here are my nine steps to buying a home.
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Should you have any questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at antonioalonzo@verizon.net. |
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Step 1 – Get ready to buy
There are plenty of things you'll want to contemplate prior to beginning your home search. When you start your search, you'll probably want to assemble an outline of items you need to have, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning your budget. Keeping your mortgage payment less than a third of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent
This is where Casablanca Realtors & Investments can help. We'll plan a time to meet so we can talk about your real estate needs and get an idea of your future plans. We'll discuss neighborhoods, school districts in the Northridge area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll help you start the loan process. I partner with some of Northridge's finest mortgage professionals, so you'll be in great hands. They can assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
Following our initial meeting, I'll start finding available homes on the market that best suit you. I'll get a sneak peek of most of the houses and eliminate the bad ones, and then we'll book appointments to tour the houses at a time that's convenient for you.
When we tour houses, I'll call attention to positive features and negative ones. I'll even ask you about things you like and don't like. Oftentimes, buyers change their list of must-haves as we view homes and some items become far more crucial than others. If such is the case, I'll go back through the listings again and trim it down to the house you've been wishing for.
Step 4 – Know the market
Your agent's awareness of the Northridge home market is a leading component in your home search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I'll let you know which neighborhoods are "hot" and demand immediate action and some that are "cold" and allow for more examination.
As we tour homes, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be mindful and be sure to ask lots of questions, as any real estate agent will claim to truly understand the market. If things don't add up, just call me at 818-730-3752 or e-mail me at antonioalonzo@verizon.net, and I'd be more than happy to answer your questions. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house of your dreams
I'm sure we'll find your dream home in the San Fernando Valley area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When we send in your offer, you'll want to submit "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property. The amount is typically applied to the cost of closing. If your offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll start working with your lender to close the loan. If you're already pre-qualified, this won't take long at all. But you'll need to stay in close contact with your mortgage lender. And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your loan application. The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will most likely take place at a title company or escrow office and will probably be a smooth and calm occurrence.
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, simply call me at 818-730-3752 or send me an e-mail.
