Purchasing your new home in San Jose with Morgan Real Estate & Financial, Inc.
Purchasing a home is an intimidating event for many people. However, with a little up-front planning, it's not all that complicated. So you'll understand exactly what to expect, I like to provide my buyers with a road map of the entire deal. These are my nine steps to purchasing a home.
Step 1 – Prepare to purchase
There are many things you'll want to take into account before you look for a home. When you start your search, you'll probably want to assemble a list of features you want, get a feeling for what school districts you want to live in, and start working on your budget. A good principle to adhere to is that your mortgage payment should be around a third of your monthly income.
Step 2 – Talk to a real estate agent in San Jose
This is where Morgan Real Estate & Financial, Inc. can help. I can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the San Jose area.
I'll also help you get started on your loan. I partner with some of San Jose's finest mortgage professionals, so you can rest assured that you're in great hands. They'll help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin finding houses on the market that best suit you. I'll get a sneak peek of most of the homes and eliminate the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
As we view the houses, I'll identify positive features and bad ones. And I'll ask you to point out what things you like and dislike. As a rule, buyers update their wish list as we view homes and some features become far more crucial than others. If that's the case, I'll look through all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Get a feel for the market
My awareness of the San Jose market is a crucial benefit in your house search. I'm acquainted with all the neighborhoods and school districts, and I can communicate which districts are "hot" and call for immediate action and the rest that are "cool" and allow for careful analysis.
As we view homes, I'll make sure to communicate when the list price has room for bargaining and when I know the house is "priced to sell." When working with an agent, be careful and make sure you ask a lot of questions, as any real estate agent will convince you they know the home market. If it doesn't seem like they know everything, call me at 408.320.8080 or e-mail me at firstname.lastname@example.org, and I'd be glad to answer any questions you might have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm certain we'll find your dream house in the San Jose area, and when that happens, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we submit your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property. The amount is often put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal. In addition, we'll work within your financing constraints. And at the end of the day, we'll create a contract that is best for you.
Step 7 – Get your loan
Once we sign the final deal, you'll begin working with your mortgage lender to close the loan. If you're already pre-qualified, it shouldn't be a long process at all. But you should to keep in close contact with your lender. And I'll sort out all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of receiving your application. The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a strict range of accuracy. I'll examine the estimate and let you know if everything looks all right.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will likely be a smooth and relaxing affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just call me at 408.320.8080 or send me an e-mail.