Buying a home is stressful for many people, but it's not too difficult with a little planning ahead of time.
So you understand exactly what to expect, I like to supply my buyers with an overview of the whole deal.
Here are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to lon@orangehillrealty.com. I'm happy to answer any questions you have about this information.
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Step 1 – Get ready to purchase a home
There are plenty of things you should do before you start searching for a home.
You'll want to form a checklist of features you want, get a feel for what neighborhoods you want to live in, and begin planning around your budget.
A good rule of thumb to follow is that your mortgage payment should be less than or close to 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Redlands
This is where Orangehill Realty can help.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
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 Redlands area.
In addition, I'll assist you with getting started on your loan.
I work with some of the finest mortgage professionals in Redlands, so you're in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your home search
After we meet for the first time, I'll start finding available houses on the market that are a good fit for you.
I'll preview most of the homes and throw out the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.
As we view homes, I'll point out good features and bad ones. And I'll ask you to point out what things you like and don't like.
Most often, buyers update their wish list as we view houses and some items become more substantial than others.
If such is the case, I'll look through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My understanding of the Redlands home market is a crucial asset in your home search. I'm acquainted with all the schools and neighborhoods, and I will communicate which areas are "hot" and warrant immediate action and some that are "cool" and allow for more analysis.
When we view houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Every real estate agent will convince you they truly know the market, but be mindful, and make sure you ask lots of questions.
If things don't add up, contact me at (909) 307-1008 or e-mail me at lon@orangehillrealty.com, and I'd be happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find the home of your dreams in the Redlands area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are obtaining financing, carrying out the inspection, and a clean title.
When we present your purchase offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property, and it's typically put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts aren't closed on the initial offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
We'll also work within your budget. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Get a loan
Upon signing the deal, you'll start working with your lender to close the loan.
If you're pre-approved, this won't take very long at all, but you'll want to stay in close contact with your lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of taking your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll analyze the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most likely happen at a title company or escrow office and will probably be a smooth and stress-free occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at (909) 307-1008 or send me an e-mail.
