For many people, buying a home can be an intimidating event. However, with a bit of planning ahead of time, it isn't very confusing.
I like to give buyers a road map of the entire deal so they know exactly what they can expect.
Here are my nine steps to buying a home.
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Should you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at HomesForSale@sandradesmith.com.
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Step 1 – Prepare to buy
There are many things you'll want to do before you search for a home.
When you start your search, you'll want to put together an index of items you need to have, get a feeling for what neighborhoods you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Get with a real estate agent
That's where I can help.
I'd like to arrange a time to get together with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Yuba City area.
I'll also assist you in getting started on your loan.
There are some excellent mortgage professionals in Yuba City, and I work with a lot of them, so you're in great hands.
They will help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After our initial meeting, I'll begin finding homes on the market that suit your needs.
I'll preview most of the houses and throw out the bad ones, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
As we tour the houses, I'll point out good features and bad ones. I'll even ask you what things you like and dislike.
Frequently, buyers amend their list of must-haves as we view houses and some features become far more essential than others.
If that happens, I'll look through the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the housing market
My understanding of the Yuba City home market is a crucial asset in your search. I am mindful of all the school districts and neighborhoods, and I will alert you to what areas are "hot" and call for prompt action and the ones that are "cold" and allow for more analysis.
When we view houses, I'll let you know when the asking price has room for negotiation and also when I know the house is "priced to sell."
Every REALTOR® will claim to truly understand the market, but take notice, and be sure to ask a lot of questions.
If things don't add up, contact me at (530) 559-6950 or e-mail me at HomesForSale@sandradesmith.com, and I'd be glad to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm positive we'll find the home of your dreams in the Yuba City area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as obtaining financing, carrying out the inspection, and a clear title.
When sending in your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property. The amount is often applied to the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer – it's pretty common to receive a counter offer. But don't let this alarm you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Get your loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
This won't take very long at all if you've been pre-qualified, but you should to stay in close contact with your lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will probably be a smooth and hassle-free event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at (530) 559-6950 or send me an e-mail.
