Buying a home is stressful for many people, but with a bit of planning ahead of time, it's not all that complex.
I like to supply buyers with a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to buying a home.
Step 1 – Get ready to buy a home
There are plenty of things you need to contemplate prior to beginning your home search.
When you begin your search, you'll want to assemble a list of must-have features, get a plan of what neighborhoods and school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is no more than 30 percent of your monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Long Beach
This is where I come in.
I'd be more than happy to book a time to meet with you and communicate with you regarding 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 might affect your buying decision today or in the future, as well as neighborhoods and schools in the Long Beach area.
In addition, I'll assist you with getting started on your loan.
Keller Williams Realty partners with some of Long Beach's finest mortgage professionals, 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 approved.
Step 3 – Begin house hunting
After our first meeting, I'll begin searching for houses on the market that are a great fit for you.
I'll get a sneak peek of many of the homes and exclude the bad ones, and then we'll schedule appointments to view the houses when it's most convenient for you.
When we view the houses, I'll point out positive features and negative ones. I'll even ask you about things you like and dislike.
For the most part, buyers update their must-have list as we view houses and some items become far more important than others.
If that's the situation, I'll search the listings once again and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the housing market
My awareness of the Long Beach housing market is a fundamental resource in your home search. I am mindful of all the neighborhoods and schools, and I can alert you to some neighborhoods are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful analysis.
When we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask a lot of questions. Every REALTOR® in Long Beach will claim to truly understand the home market.
If things don't add up, call me at 562 882-1581 or e-mail me at superbroker@charter.net, and I'd be more than happy to answer any questions you have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find your dream home in Long Beach. When we do, I'll carefully create your home purchase offer. The offer will be tailored keeping your needs in mind, including several contingencies, such as getting financing, carrying out the inspection, and a clear title.
Upon presenting your 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 often applied to the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer – it's very common to receive a counter offer. But don't let it intimidate you. We'll figure out 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 contract depends on the state of the market.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Secure your loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this won't take very long at all. But you need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage 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 getting your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should take place at a title company or escrow office and will most often be a smooth and calm 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, be sure to call me at 562 882-1581 or send me an e-mail.
