Buying a home is a stressful event for a lot of people, but it isn't too complex with some planning ahead of time. I like to provide buyers with an overview of the entire deal so they'll know exactly what they can expect. Below are my nine steps to buying a home.
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Should you have any questions about this information or if you're ready to get started, just contact me here or e-mail me at KevinM@reddinghomz.com. |
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Step 1 – Prepare to purchase
There are plenty of things you should contemplate before starting your home search. When you begin your search, you'll probably want to put together a check list of items you want, plan for what neighborhoods you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Redding
That's where I come in. We can plan a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans. We'll discuss neighborhoods, schools in the Redding area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
I can also help you begin the loan process. I partner with some of the finest mortgage professionals in Redding, so you're in great hands. They will assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
After we meet, I'll begin searching for available houses on the market that are a good fit for you. I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we view the houses, I'll point out positive features, as well as bad ones. And I'll ask you about things you like and dislike. Generally, buyers update their must-have list as we tour homes and some things become more crucial than others. If that's the situation, I'll go back through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
My awareness of the Redding home market is a necessary benefit in your search. I'm conscious of all the schools and neighborhoods, and I can communicate which neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for more analysis.
As we tour homes, I'll let you know when the seller's list price has room for negotiation and when I trust the home is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions, as every REALTOR® will claim to truly know the market. If things don't add up, contact me at 530-224-5818 or e-mail me at KevinM@reddinghomz.com, and I'd be more than happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm confident we'll find your dream house in Redding, and when that happens, I'll meticulously develop your purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we present your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to purchase the property and is most often put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's widely common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances. We'll also work within your budget. And when it's all said and done, we'll put together a contract that works well for you.
Step 7 – Obtain financing
Upon signing the contract, you'll begin working with your mortgage lender to close the loan. This won't take very long at all if you're pre-qualified, but you should to stay in close contact with your lender. And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing your 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 taking your application. The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will likely occur at a title company or escrow office and should be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply call me at 530-224-5818 or send me an e-mail.
