Purchasing a home in Covina with In Home Realty
For most people, buying a home is a stressful event. However, with a bit of up-front planning, it isn't very hard.
I like to supply buyers with an overview of the whole deal so they know exactly what they can expect.
These are my nine steps to buying a home.
Should you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
Before you start your home search, there are many things you should consider.
When you begin your search, you'll probably want to put together a check list of features you want, get a feeling for what neighborhoods and school districts you'd like to live in, and begin working on your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where I come in.
We can schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss 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 in getting started on your loan.
I work with some of the best mortgage professionals in Covina, so you're in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin searching for available homes on the market that best suit you.
I'll get a sneak peek of most of the houses and remove the bad ones, and then we'll book appointments to view the houses at a time that's convenient for you.
As we view houses, I'll point out good features and bad ones. I'll even ask you about things you like and don't like.
Frequently, buyers change their wish list as we view houses and some items become more crucial than others.
If such is the case, I'll look through all the listings again and narrow it down to the home of your dreams.
Step 4 – Comprehend the housing market
An agent's knowledge of the Covina market is an essential component in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I will alert you to what districts are "hot" and call for immediate action and some that are "cold" and allow for careful consideration.
As we view houses, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions, as every real estate agent will convince you they comprehend the housing market.
If it doesn't seem like they know everything, contact me at (626) 608-7310 or e-mail me at , and I'd be glad to answer your questions. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in the Covina area, and when we do, I'll meticulously create your home purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as obtaining financing, carrying out the home inspection, and a clear title.
When we submit your purchase offer, you'll probably want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property and is most often applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let it discourage you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
The state of the market determines how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Get a loan
Upon signing the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't take long at all. However, you'll want to keep 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 mortgage lender will provide you with a Loan Estimate (LE) outlining your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most often happen at a title company or escrow office and will probably be a smooth and relaxing event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at (626) 608-7310 or e-mail me at .