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Buying your new home in San Jose

Buying a home is stressful for many people. However, with some up-front planning, it isn't very hard. I like to give buyers an outline of the whole deal so they'll understand exactly what they can expect. Here are my nine steps to buying a home. If you have any questions about this information or if you're prepared to get started, just contact me here or e-mail me at .

Step 1 – Get ready to purchase
Before you start searching for a home, there are plenty of things you should consider. You'll want to create an index of features you want to have, get a plan of what school districts and neighborhoods you want to live in, and begin planning around your budget. Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good principle to adhere to.

Step 2 – Talk to a real estate agent in San Jose
This is where Morgan Real Estate & Financial, Inc. comes in. I'd be more than happy to arrange a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the San Jose area, the mortgage and housing industries, and any additional economic factors that could affect your buying decision today or in the future.

I'll also assist you in getting started on your loan. I work with some of San Jose's finest mortgage professionals, so you can rest assured that you're in great hands. They will assist you with determining which kind of loan is best for you and help you get approved.

Step 3 – Start your home search
After we meet, I'll start searching for homes on the market that are great for you. I'll research most of the houses and throw out the bad ones, and then we'll book appointments to tour the homes at a time that's convenient for you.

When we view the houses, I'll identify good features and bad ones. I'll even ask you to talk about things you like and dislike. It's widely common for buyers to amend their list of must-haves as we tour houses and some features become far more substantial than others. If that happens, I'll search the listings another time and narrow it down to the house you've been dreaming about.

Step 4 – Get a grasp of the market
My knowledge of the San Jose market is an essential component in your home search. I am mindful of all the neighborhoods and schools, and I will communicate what areas are "hot" and call for immediate action and the ones that are "cool" and allow for cautiousness.

When we tour houses, I'll let you know when the list price has room for negotiation and also when I know the home is "priced to sell." Any REALTOR will claim to know the housing market, but trust your instincts, and make sure you ask your agent plenty of questions. If things don't add up, contact me at 408.320.8080 or e-mail me at , and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step ahead through the entire deal.

Step 5 – Find the home you've been waiting for
We'll find the house of your dreams in the San Jose area, and when that happens, I'll carefully create your purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies, such as getting financing, finishing the home inspection, and a clean title.

When we submit your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property. The amount is typically applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer, and it's very common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.

Market circumstances determine how aggressively we negotiate the deal. In addition, we'll work within your budget. And at the end of the day, we'll assemble a contract that is best for you.

Step 7 – Obtain a loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-approved, this shouldn't take long at all. But you need to keep in close contact with your lender. And I'll handle all the property information your lender needs to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of getting your loan application. The estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if everything looks permissible.

Then we'll close on your home. This will most likely take place at a title company or escrow office and is often a smooth and easygoing occasion.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just call me at 408.320.8080 or e-mail me at .

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