Purchasing a home is a stressful event for a lot of people. However, with a little planning ahead of time, it isn't too difficult.
I like to supply buyers with a road map of the entire deal so they'll know exactly what to expect.
Here are my nine steps to buying a home.
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Should you have questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at rfrattalone@gmail.com.
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Step 1 – Prepare to purchase
There are many things you need to contemplate before commencing your home search.
When you start your search, you'll want to make an index of features you need to have, plan for what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is less than 30 percent of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent
This is where Cabrillo Mortgage and Realty Services comes in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the San Diego area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some very good mortgage professionals in San Diego, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with deciding which kind of loan is best for you and help you get approved.
Step 3 – Start your search
Following our first meeting, I'll begin finding available homes on the market that best suit you.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour the houses, I'll call attention to good features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
Generally, buyers amend their wish list as we view homes and some features become far more crucial than others.
If that's the situation, I'll go back through the listings one more time and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's understanding of the San Diego market is a crucial element in your home search. And I assure you I'm conscious of all the schools and neighborhoods, and I'll communicate what districts are "hot" and warrant prompt action and some that are "cool" and allow for more examination.
When we tour houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Every REALTOR® in San Diego will convince you they truly understand the market, but be wary, and make sure you ask your agent lots of questions.
If it appears they don't know everything, contact me at 858-565-6388 or e-mail me at rfrattalone@gmail.com, and I'll be glad to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
I know we'll find the home of your dreams in the San Diego area. When that happens, I'll precisely create your purchase offer. The offer will be tailored to suit your needs, including many contingencies, such as getting financing, carrying out the home inspection, and a clear title.
When we submit your purchase offer, you'll need to submit "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property. The amount is typically put towards the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer, and it's widely common to receive a counter offer. But don't let this intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure financing
Once the contract is signed, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't be a long process at all. However, you'll need to stay in close contact with your mortgage lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of receiving your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and fall within a precise range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This should occur at a title company or escrow office and will most often be a smooth and pleasant event.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 858-565-6388 or send me an e-mail.
