Are you contemplating buying your home in Covina? In Home Realty can help.
For a lot of people, buying a home can be a stressful event. But with a bit of up-front planning, it's not that hard.
I like to furnish buyers with a road map of the entire deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you begin looking for a home, there are several things you need to contemplate.
You'll probably want to form an index of must-have features, get a feel for what school districts and neighborhoods you want to live in, and start planning around your budget.
Keeping your mortgage payment around a third of your net monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent
This is where In Home Realty comes in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Covina area, the mortgage and housing industries, to any other economic factors that could potentially affect your purchase today or in the future.
I can also help you facilitate the loan process.
I partner with some of Covina's best mortgage professionals, so you're in great hands.
They'll help you choose 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 start looking for available houses on the market that are a great fit for you.
I'll research many of the houses and ignore the bad ones, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we view homes, I'll call attention to positive features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
Most often, buyers amend their list of must-haves as we tour homes and some items become far more substantial than others.
If that's the situation, I'll go back through the listings once again and narrow it down to the home you've been waiting for.
Step 4 – Understand the market
Your agent's knowledge of the Covina home market is a leading aspect in your home search. And I assure you I'm informed of all the neighborhoods and schools, and I can alert you to certain districts are "hot" and warrant immediate action and the ones that are "cool" and allow for thoughtful analysis.
As we tour homes, I'll be sure to tell you when the seller's asking price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, be on guard and make sure you ask plenty of questions, as any REALTOR will claim to comprehend the home market.
If things don't add up, call me at (626) 608-7310 or e-mail me at , and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find the home of your dreams in the Covina area. When we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we present your purchase offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property and is typically put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's pretty common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Secure financing
Once we sign the final contract, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't be a long process at all, but you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of accepting your application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a tight range of accuracy, and I'll analyze the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at (626) 608-7310 or e-mail me at .