Purchasing a home is stressful for a lot of people. However, with a bit of planning ahead of time, it isn't too difficult.
I like to provide buyers with an outline of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to JP@ledesma-realestate.com. I'm glad to address any questions you have regarding this information.
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Step 1 – Prepare to buy a home
There are many things you need to take into account before starting your home search.
You'll most likely want to create an index of items you want, get a feel for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Get with a real estate agent in Mission Viejo
That's where I come in.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that could potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Mission Viejo area.
In addition, I'll assist you with getting started on your loan.
There are some great mortgage professionals in Mission Viejo, and I partner with a lot of them, so you're in great hands.
They can help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After we meet for the first time, I'll begin finding houses on the market that are a great fit for you.
I'll research most of the houses and exclude the duds, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we view houses, I'll identify good features, as well as bad ones. I'll also ask you about things you like and dislike.
Oftentimes, buyers revise their must-have list as we tour homes and some things become far more substantial than others.
If that happens, I'll search all the listings again and trim it down to the home you've been dreaming about.
Step 4 – Know the housing market
An agent's knowledge of the Mission Viejo market is an essential aspect in your house search. And I assure you I'm mindful of all the neighborhoods and school districts, and I can communicate some neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for careful examination.
As we tour houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® will convince you they know the home market, but be wary, and be sure to ask a lot of questions.
If it doesn't seem like they know everything, contact me at 949-768-2315 or e-mail me at JP@ledesma-realestate.com, and I'd be more than happy to answer any questions you have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
I'm sure we'll find your dream home in Mission Viejo. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including a lot of contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
When we send in your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is most often applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer, and it's really 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 refuse the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll assemble a contract that is best for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your lender to close the loan.
If you've been pre-qualified, this shouldn't take long at all, but you should to stay in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy, and I'll analyze the estimate and let you know if it all looks adequate.
Then it's time to close on your house. This will likely happen at a title company or escrow office and should be a smooth and relaxed occurrence.
Step 9 – Move in
You made it! Now you can move into your new house. Enjoy it. And if you need anything, just contact me at 949-768-2315 or send me an e-mail.
