For most people, buying a home can be a stressful event. But with a little up-front planning, it isn't very complicated.
I like to furnish buyers with an overview of the entire deal so they know exactly what they can expect.
Here are my nine steps to purchasing a home.
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Should you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at hector.sandoval@verizon.net.
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Step 1 – Prepare to purchase a home
There are a lot of things you should do before beginning your home search.
When you begin your search, you'll want to put together a check list of must-haves, get a feel for what neighborhoods and school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good principle to go by.
Step 2 – Get with a real estate agent in McLean
That's where I can help.
We can plan 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 everything from neighborhoods, schools in the McLean area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
RE/MAX Distinctive partners with some of the best mortgage professionals in McLean, so you're in great hands.
They will assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After our initial meeting, I'll begin searching for available houses on the market that are good for you.
I'll research many of the homes and reject the bad ones, and then we'll book appointments to view the houses when it's convenient for you.
When we view the houses, I'll call attention to positive features and bad ones. I'll even ask you about things you like and dislike.
For the most part, buyers change their list of must-haves as we tour houses and some items become far more essential than others.
If that happens, I'll go back through all the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
My knowledge of the McLean housing market is a necessary asset in your search. I'm mindful of all the neighborhoods and schools, and I'll alert you to some districts are "hot" and call for prompt action and the ones that are "cold" and allow for careful analysis.
As we view houses, I'll let you know if the asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions. Any REALTOR® will convince you they truly know the housing market.
If things don't add up, just call me at 703-208-9788 or e-mail me at hector.sandoval@verizon.net, and I'd be happy to answer your questions. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream house in McLean. When we do, I'll meticulously create your home purchase offer. The offer will be tailored to suit your needs, including some contingencies. A few examples are obtaining financing, finishing the home inspection, and a clean title.
When sending in your offer, you'll likely want to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to buy the property. The amount is often put towards the closing costs. If the seller accepts the offer, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer. It's very common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
We'll also work within your financing limits. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get a loan
After the deal is signed, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you'll want to keep in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of getting your application.
The estimate is based on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will most often be a smooth and relaxed occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just call me at 703-208-9788 or send me an e-mail.
