Buying or selling a home? Legacy Realty and Funding can help.Buying a home is stressful for a lot of people. However, with a bit of planning ahead of time, it's not all that complex. I like to provide buyers with a road map of the entire deal so they'll know exactly what to expect. These are my nine steps to purchasing a home.
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Step 1 – Prepare to purchase a home
There are many things you should do before commencing your home search. It's likely that you'll want to make an outline of items you need to have, get a feel for what school districts you want to live in, and start planning around your budget. Keeping your mortgage payment less than 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent
This is where I can help. I'd be more than happy to set up a time to get together with you and talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the Tustin area.
I can also help you begin the loan process. There are some very good mortgage professionals in Tustin, and I work with a lot of them, so you're in great hands. They will assist you with choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our first meeting, I'll begin searching for houses on the market that meet your needs. I'll research most of the houses and reject the bad ones, and then we'll book appointments to tour the houses whenever it's most convenient for you.
As we view the houses, I'll show you the positive features, as well as negative ones. I'll also ask you to tell me about things you like and don't like. It's common for buyers to update their must-have list as we tour homes and some things become far more necessary than others. If that happens, I'll go back through all the listings again and trim it down to the home you've been wishing for.
Step 4 – Know the market
An agent's knowledge of the Tustin housing market is a necessary factor in your home search. And I assure you I'm conscious of all the schools and neighborhoods, and I will let you know which neighborhoods are "hot" and warrant prompt action and the rest that are "cold" and allow for thoughtful analysis.
When we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." Trust your instincts and be sure to ask your agent a lot of questions, as every REALTOR® in Tustin will convince you they truly understand the home market. If things don't add up, contact me at 714-321-9800 or e-mail me at firstname.lastname@example.org, and I'll be more than happy to answer any questions you might have. My knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm positive we'll find your dream home in Tustin. When that happens, I'll precisely develop your purchase offer. The offer will be tailored to suit your needs, including some contingencies, such as getting financing, completing the home inspection, and a clear title.
When we send in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to purchase the property, and it's usually put towards the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer. It's very common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions. We'll also work within your financing constraints. And when it's all said and done, we'll formulate a contract that is best for you.
Step 7 – Get a loan
Upon finishing the deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't take very long at all, but you need to stay in close contact with your mortgage lender. And I'll take care of 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 mortgage lender within three days of taking your application. This estimate rests on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a tight range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and pleasant occasion.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at 714-321-9800 or send me an e-mail.