Buying or selling a home in Covina? In Home Realty can help.
Purchasing a home intimidates many people. However, with a bit of planning ahead of time, it's not all that hard.
So they'll know exactly what to expect, I will give buyers an outline of the entire deal.
These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Get ready to buy a home
There are a lot of things you need to do before commencing your home search.
When you begin your search, you'll want to put together an index of items you need to have, get a feeling for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent in Covina
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 talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Covina area.
I'll also assist you with getting started on your loan.
I partner with some of Covina's finest mortgage professionals, so you can rest assured that you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll start looking for available houses on the market that meet your needs.
I'll preview most of the houses and remove the bad ones, and then we'll schedule appointments to tour the houses when it's most convenient for you.
When we tour 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 dislike.
As a rule, buyers revise their list of must-haves as we view houses and some things become more essential than others.
If that's the case, I'll search the listings another time and trim it down to the home you've been wishing for.
Step 4 – Understand the housing market
Your agent's awareness of the Covina home market is a crucial element in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and demand immediate action and others that are "cool" and allow for thoughtful analysis.
When we tour homes, I'll let you know when the asking price has room for bargaining and when I know the house is "priced to sell."
Any real estate agent will claim to truly understand the housing market, but be mindful, and be sure to ask lots of questions.
If it appears they don't know everything, just call me at (626) 608-7310 or e-mail me at , and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in the Covina area. When we do, I'll carefully create your home purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies, such as getting financing, completing the inspection, and a clean title.
Upon submitting your purchase offer, you'll probably 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 usually put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the first offer – it's pretty common to receive a counter offer. But don't let it intimidate you. We'll consider whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
The state of the market 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 formulate a contract that is best for you.
Step 7 – Obtain financing
Upon finalizing the contract, you'll begin working with your mortgage lender to close the loan.
It shouldn't take very long at all if you've been pre-approved, but you'll want to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and will most often be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at (626) 608-7310 or e-mail me at .