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Purchasing your home in San Jose with Morgan Real Estate & Financial, Inc.

For many people, buying a home can be an intimidating event. But with a little up-front planning, it isn't too hard. I like to supply buyers with an outline of the entire deal so they'll understand exactly what to expect. Below are my nine steps to purchasing a home. When you're ready to get started, just contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.

Step 1 – Get ready to buy
There are several things you should consider before beginning your home search. When you start your search, you'll probably want to assemble a list of must-haves, plan for what school districts and neighborhoods you want to live in, and begin planning your budget. A good principle to adhere to is that your mortgage payment should be less than a third of your net monthly income.

Step 2 – Talk to a real estate agent
This is where I come in. I'd love to arrange a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the San Jose area, the mortgage industry, to any other economic factors that could affect your buying decision today or in the future.

I'll also help you get started on your loan. There are some great mortgage professionals in San Jose, and I work with a lot of them, so you can rest assured that you're in great hands. They'll help you determine which kind of loan is best for you, as well as help you get approved.

Step 3 – Start house-hunting
After we meet for the first time, I'll begin looking for available houses on the market that meet your needs. I'll research many of the homes and remove the duds, and then we'll book appointments to tour the houses when it's convenient for you.

As we tour houses, I'll point out good features, as well as negative ones. I'll also ask you about things you like and dislike. It's pretty common for buyers to update their list of must-haves as we tour houses and some features become more necessary than others. If that happens, I'll go back through the listings again and narrow it down to the home you've been dreaming about.

Step 4 – Comprehend the housing market
Your agent's awareness of the San Jose housing market is a necessary agent in your house search. And I can assure you I'm acquainted with all the schools and neighborhoods, and I'll let you know some areas are "hot" and demand immediate action and others that are "cool" and allow for more consideration.

When we tour homes, I'll be sure to tell you if the seller's asking price has room for negotiation or if I believe the home is "priced to sell." When working with an agent, trust your instincts and be sure to ask a lot of questions. Any REALTOR in San Jose will convince you they understand the housing market. If it doesn't seem like they know everything, contact me at 408.320.8080 or e-mail me at , and I'd be glad to answer any questions you might have. My market knowledge will keep you a step ahead throughout the entire deal.

Step 5 – Find your dream home
We'll find your dream home in San Jose, and when we do, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs and the home, including many contingencies. A few examples are obtaining financing, finishing the home inspection, and a clean title.

Upon presenting your offer, you'll want to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property. The amount is often put towards the cost of closing. If the offer is accepted, we should close within 30 to 60 days after. This allows ample time for your mortgage financing.

Step 6 – Negotiate
A lot of contracts don't close on the initial offer – it's really common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.

How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing constraints. And at the end of the day, we'll compose a contract that's best for you.

Step 7 – Obtain financing
Upon finishing the contract, you'll start working with your mortgage lender to close the loan. This shouldn't be a long process at all if you're pre-approved, but you'll want to stay in close contact with your lender. And I'll take care of all the property information your 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 application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of receiving your application. This estimate is formed from the loan amount, and RESPA requirements order 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 okay.

Then it's time to close on your home. This will probably take place at a title company or escrow office and will likely be a smooth and stress-free affair.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 408.320.8080 or e-mail me at .

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