Purchasing a home is a stressful event for most people, but with some up-front planning, it isn't that difficult.
So you know exactly what to expect, I like to provide my buyers with an outline of the whole deal.
Here are my nine steps to buying a home.
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When you're ready to get started, simply contact me here or send e-mail to vivaaviva@aol.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Prepare to purchase
There are many things you should consider before starting your home search.
You'll most likely want to put together an index of must-have features, get a feel for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around 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 schedule a time to get together with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Beverly Hills area, the mortgage and housing industries, and any additional economic factors that might affect your purchase today or in the future.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Beverly Hills, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
After we meet for the first time, I'll begin searching for available homes on the market that best suit you.
I'll research many of the houses and throw out the duds, and then we'll schedule appointments to view the homes when it's convenient for you.
When we view the houses, I'll show you the good features, as well as bad ones. And I'll ask you to talk about things you like and don't like.
It's pretty common for buyers to amend their wish list as we view houses and some things become more essential than others.
If that happens, I'll look through all the listings once more and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
An agent's knowledge of the Beverly Hills market is an imperative agent in your house search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I'll let you know certain areas are "hot" and demand immediate action and the ones that are "cold" and allow for careful consideration.
As we tour houses, I'll let you know when the seller's list price has room for bargaining and also when I know the house is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as every REALTOR® in Beverly Hills will convince you they know the housing market.
If things don't add up, call me at 3107808007 or e-mail me at vivaaviva@aol.com, and I'll be more than happy to answer any questions you may have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find the house of your dreams in the Beverly Hills area, and when we do, I'll thoroughly develop your purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When submitting your offer, you'll want to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property, and it's usually applied to the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer – it's pretty common to receive a counter offer. Don't let it intimidate 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.
Market conditions will play a large role in how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Secure financing
Once we sign the final contract, you'll begin working with your lender to close the loan.
If you've been pre-qualified, this shouldn't be a long process at all, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most likely be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, simply call me at 3107808007 or send me an e-mail.