Buying a home intimidates most people. However, with a little planning ahead of time, it's not that difficult. I like to supply buyers with a road map of the entire deal so they know exactly what to expect. Below are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to jack@theninesteam.net. I'm happy to answer questions you have about this information. |
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Step 1 – Get ready to buy
Prior to beginning your home search, there are a lot of things you'll want to consider. You'll probably want to make an outline of items you need, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning around your budget. A good rule of thumb to go by is that your mortgage payment should be no more than 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent
That's where I come in. I'd love to plan a time to get together with you and communicate with you regarding your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Lodi area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I can also assist you with getting started on your loan. Jack Mossman partners with some of Lodi's best mortgage professionals, so you can rest assured that you're in great hands. They will assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
Following our first meeting, I'll start finding available homes on the market that are good for you. I'll preview many of the homes and eliminate the duds, and then we'll book appointments to tour the homes at a time that's convenient for you.
As we view the homes, I'll identify good features and bad ones. I'll even ask you to point out what things you like and dislike. Frequently, buyers change their wish list as we view homes and some items become more essential than others. If that happens, I'll go back through the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the market
Your agent's understanding of the Lodi market is an essential aspect in your home search. And I assure you I'm mindful of all the neighborhoods and school districts, and I can communicate some neighborhoods are "hot" and require immediate action and the ones that are "cool" and allow for thoughtful consideration.
As we view homes, I'll let you know when the list price has room for negotiation and also when I think the house is "priced to sell." When working with an agent, trust your instincts and be sure to ask lots of questions, as any REALTOR® in Lodi will tell you they comprehend the market. If it appears they don't know everything, just call me at 888-868-4398 or e-mail me at jack@theninesteam.net, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in the Lodi area. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When submitting your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is typically applied to the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer. It's widely common to receive a counter offer. Don't let it discourage you. We'll discuss whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the contract. We'll also work within your financing limits. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your lender to close the loan. If you're already pre-approved, this won't take long at all. But you'll need to keep in close contact with your lender. And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of taking your application. This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will probably be a smooth and pleasant occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you have any questions, make sure you call me at 888-868-4398 or send me an e-mail.
