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Contemplating buying a home in San Jose? Morgan Real Estate & Financial, Inc. can help.

Buying a home is a stressful event for many people. However, with a bit of planning ahead of time, it isn't all that hard. I like to supply buyers with an overview of the entire deal so they know exactly what to expect. Below are my nine steps to buying a home. Should you have questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .

Step 1 – Get ready to buy
There are a lot of things you need to contemplate before beginning your home search. It's likely that you'll want to create a list of items you want to have, get a plan of what neighborhoods and school districts you want to live in, and start working on your budget. Ensuring your mortgage payment is no more than 1/3 of your monthly income is a good guideline to go by.

Step 2 – Connect with a real estate agent in San Jose
This is where I come in. I'd be more than happy to plan a time to get together with you and communicate with you about your real estate needs 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 affect your purchase today or in the future.

I can also help you start the loan process. I partner with some of San Jose's best mortgage professionals, so you'll be in great hands. They can help you choose which type of loan is best for you, as well as help you get approved.

Step 3 – Begin house hunting
Following our first meeting, I'll start looking for available homes on the market that are good for you. I'll preview most of the homes and throw out the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.

As we view the houses, I'll identify good features and bad ones. I'll also ask you to talk about things you like and don't like. It's pretty common for buyers to change their list of must-haves as we tour houses and some features become more important than others. If that's the situation, I'll go back through all the listings again and trim it down to the home you've been waiting for.

Step 4 – Know the housing market
Your agent's awareness of the San Jose market is an essential aspect in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I will alert you to which neighborhoods are "hot" and demand prompt action and the ones that are "cool" and allow for cautiousness.

As we view houses, I'll be sure to tell you when the seller's list price has room for negotiation and when I trust the house is "priced to sell." Every real estate agent in San Jose will tell you they know the 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'd be more than happy to answer any questions you may have. My market knowledge will keep you a step above the rest through the entire deal.

Step 5 – Find your dream home
We'll find your dream house in the San Jose area, and when we do, I'll meticulously develop your purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.

When we turn in your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to purchase the property. The amount is most often applied to the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days after. 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 it alarm 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 go on.

How aggressively we negotiate the deal depends on the state of the market. We'll also work within your budget. And when it's all said and done, we'll put together a deal that works well for you.

Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your lender to close the loan. If you're already pre-qualified, this shouldn't be a long process at all, but you'll need to stay in close contact with your mortgage lender. And I'll deal with 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) detailing your closing costs from your mortgage lender within three days of accepting your application. The estimate rests on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a precise range of accuracy. I'll review the estimate and let you know if it all looks okay.

Then we'll close on your home. This will probably occur at a title company or escrow office and is often a smooth and pleasant event.

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

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