Let Morgan Real Estate & Financial, Inc. assist you in buying a new home in San Jose
Purchasing a home is intimidating for many people, but it's not all that complex with some up-front planning.
I like to furnish buyers with an outline of the whole deal so they understand exactly what to expect.
Below are my nine steps to buying a home.
If you have questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Before you start your home search, there are plenty of things you'll want to contemplate. When you begin your search, you'll probably want to create an index of must-have features, plan for what school districts you'd like to live in, and begin planning around your budget. A good principle to adhere to is that your mortgage payment should be close to a third of your monthly income. Step 2 – Connect with a real estate agent
This is where Morgan Real Estate & Financial, Inc. can help. I'd be happy to plan a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll discuss everything from neighborhoods, school districts in the San Jose area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you begin the loan process. Morgan Real Estate & Financial, Inc. works with some of San Jose's finest mortgage professionals, so you're in great hands. They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
Following our first meeting, I'll begin looking for houses on the market that meet your needs. I'll get a sneak peek of most of the houses and throw out the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view houses, I'll point out positive features, as well as negative ones. I'll also ask you to point out what things you like and don't like. For the most part, buyers update their must-have list as we view houses and some features become more crucial than others. If that's the situation, I'll look through the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the market
An agent's knowledge of the San Jose housing market is an imperative factor in your home search. And I assure you I'm informed of all the school districts and neighborhoods, and I'll let you know some neighborhoods are "hot" and require immediate action and others that are "cool" and allow for careful consideration.
When we view homes, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I trust the house is "priced to sell."
Be mindful and make sure you ask lots of questions, as any real estate agent will convince you they comprehend the housing market.
If it doesn't seem like they know everything, just call me at 408.320.8080 or e-mail me at , and I'll be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We'll find the home of your dreams in San Jose, and when that happens, I'll thoroughly create your home purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as obtaining financing, finishing the home inspection, and a clean title.
Step 6 – Negotiate
Most contracts aren't closed on the first offer. It's extremely common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
Step 7 – Obtain a loan
Upon completion of the contract, you'll start working with your lender to close the loan. If you've been pre-approved, it won't take much time at all. However, you'll need to keep 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) outlining your closing costs from your lender within three days of accepting your loan application. The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
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 contact me at 408.320.8080 or e-mail me at .