Purchasing a home in Covina
Buying a home intimidates a lot of people, but with a little up-front planning, it's not all that complicated.
So they understand exactly what to expect, I like to supply buyers with a road map of the entire deal.
Here are my nine steps to purchasing a home.
If you have questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are plenty of things you'll want to contemplate prior to commencing your home search.
When you begin your search, you'll probably want to form a checklist of features you want to have, get a feel for what neighborhoods you'd like to live in, and begin planning around your budget.
A good rule of thumb to go by is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Speak with a real estate agent in Covina
That's where I can help.
I'd be happy to set up a time to get together with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Covina area.
I can also assist you with getting started on your loan.
In Home Realty partners with some of the finest mortgage professionals in Covina, so you can rest assured that you're in great hands.
They can assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet, I'll start looking for houses on the market that are a good fit for you.
I'll research many of the houses and exclude the duds, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we tour houses, I'll point out good features and negative ones. I'll also ask you what things you like and dislike.
It's common for buyers to amend their must-have list as we view homes and some features become more crucial than others.
If that's the case, I'll go back through all the listings again and narrow it down to the house you've been wishing for.
Step 4 – Know the market
An agent's awareness of the Covina market is a leading agent in your home search. And I assure you I'm mindful of all the school districts and neighborhoods, and I will let you know what neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for careful consideration.
As we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell."
Trust your instincts and be sure to ask plenty of questions, as every REALTOR will claim to truly know the housing market.
If it seems like they don't know everything, call me at 6266087310 or e-mail me at , and I'd be glad to answer any questions you have. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream house
We'll find the house of your dreams in Covina, and when that happens, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to buy the property and is typically put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer – it's extremely common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Secure your loan
Once the deal is finished, you'll start working with your lender to close the loan.
It won't take much time at all if you're already pre-qualified, but you'll want to stay in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of accepting your application.
The estimate rests on the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then we'll close on your home. This will likely take place at a title company or escrow office and is often a smooth and calm occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at 6266087310 or e-mail me at .