Buying a home can be stressful for a lot of people. However, with a little up-front planning, it's not very complex. So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal. Below are my nine steps to purchasing a home.
Step 1 – Prepare to purchase a home
There are a lot of things you should consider before you look for a home. It's likely that you'll want to put together an outline of items you want to have, get a feeling for what school districts you want to live in, and begin planning around your budget. Keeping your mortgage payment around a third of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Communicate with a real estate agent
That's where I come in. I'd like to plan a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans. We'll talk about everything from neighborhoods, school districts in the Irvine area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I'll also assist you with getting started on your loan. There are some very good mortgage professionals in Irvine, and I partner with a lot of them, so you can rest assured that you're in great hands. They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After we meet, I'll begin searching for available homes on the market that are a great fit for you. I'll research most of the homes and throw out the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we view homes, I'll point out good features and bad ones. I'll even ask you to talk about things you like and don't like. It's widely common for buyers to amend their wish list as we tour homes and some things become more essential than others. If that happens, I'll go back through all the listings again and narrow it down to the house you've been dreaming about.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Irvine market is a fundamental agent in your house search. And I assure you I'm mindful of all the neighborhoods and school districts, and I can let you know which areas are "hot" and require prompt action and some that are "cool" and allow for thoughtful analysis.
When we tour houses, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be careful and make sure you ask lots of questions. Every real estate agent in will convince you they know the market. If it doesn't seem like they know everything, contact me at 949-274-0977 or e-mail me at forangela@earthlink.net, and I'd be glad to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in Irvine, and when we do, I'll meticulously create your purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When presenting your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property and is usually put towards the cost of closing. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the first offer – it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
The state of the market will play a part in how aggressively we negotiate the deal. In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Obtain financing
Upon finishing the contract, you'll begin working with your lender to close the loan. If you've been pre-approved, this won't take very long at all, but you'll want to stay in close contact with your mortgage lender. And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Good Faith Estimate (GFE) outlining your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your application. This estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most often happen at a title company or escrow office and is often a smooth and easygoing event.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at 949-274-0977 or send me an e-mail.
