Buying your new home in Covina
For a lot of people, purchasing a home can be an intimidating event. However, with a little planning ahead of time, it's not very complex.
So they'll know exactly what they can expect, I like to furnish buyers with an outline of the entire deal.
Below are my nine steps to purchasing a home.
If you have any questions regarding this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy
There are plenty of things you'll want to take into account before you start searching for a home.
When you start your search, you'll probably want to create a checklist of items you need, get a feel for what neighborhoods and school districts you want to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than or around a third of your net monthly income.
Step 2 – Speak with a real estate agent in Covina
This is where I come in.
I'd like to schedule a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the Covina area, the mortgage and housing industries, and any additional economic factors that could potentially affect your buying decision today or in the future.
I'll also help you facilitate the loan process.
I work with some of the finest mortgage professionals in Covina, so you're in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet, I'll begin searching for available homes on the market that best suit you.
I'll preview most of the houses and exclude the bad ones, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we view the houses, I'll identify positive features and negative ones. And I'll ask you to point out what things you like and dislike.
Generally, buyers amend their list of must-haves as we view houses and some things become far more necessary than others.
If that's the case, I'll look through all the listings again and narrow it down to the house of your dreams.
Step 4 – Know the housing market
An agent's knowledge of the Covina market is an imperative agent in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I'll communicate certain districts are "hot" and call for immediate action and some that are "cool" and allow for thoughtful examination.
When we tour homes, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions, as any REALTOR will tell you they understand the market.
If things don't add up, contact me at (626) 608-7310 or e-mail me at , and I'd be glad to answer any questions you might have. My understanding of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream house in the Covina area, and when we do, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies, such as getting financing, completing the inspection, and a clean title.
When presenting your offer, you'll likely want to submit "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's most often put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer – it's really common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Market conditions will play a role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Secure financing
After we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this shouldn't take very long at all, but you should 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 Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of taking your application.
This estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then we'll close on your home. This will probably occur at a title company or escrow office and will likely be a smooth and hassle-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at (626) 608-7310 or e-mail me at .