Buying a new home in San Jose?
For a lot of people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it isn't all that hard.
I like to give buyers a road map of the whole deal so they know exactly what they can expect.
Here are my nine steps to purchasing a home.
If you have any questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
There are several things you'll want to do before you start looking for a home.
When you start your search, you'll want to form an index of must-haves, get an idea of what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment around a third of your monthly income is a good principle to adhere to.
Step 2 – Talk to a real estate agent in San Jose
This is where I can help.
We can arrange a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the San Jose area, the mortgage and housing industries, and any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you get started on your loan.
Morgan Real Estate & Financial, Inc. works with some of San Jose's best mortgage professionals, so you'll be in great hands.
They can help you figure out which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our first meeting, I'll begin looking for available homes on the market that meet your needs.
I'll research most of the homes and reject the duds, and then we'll book appointments to view the homes when it's convenient for you.
When we view homes, I'll identify positive features, as well as negative ones. I'll also ask you to talk about things you like and don't like.
It's widely common for buyers to amend their list of must-haves as we view houses and some items become far more necessary than others.
If that happens, I'll go back through all the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
Your agent's understanding of the San Jose housing market is an essential agent in your home search. And I can assure you I'm conscious of all the schools and neighborhoods, and I will let you know some districts are "hot" and demand immediate action and the ones that are "cold" and allow for careful analysis.
As we view houses, I'll make sure to communicate 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, be careful and make sure you ask plenty of questions. Any REALTOR in San Jose will convince you they know the housing market.
If things don't add up, contact me at 4083208080 or e-mail me at , and I'll be glad to answer your questions. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been waiting for
We'll find the house of your dreams in the San Jose area, and when we do, I'll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are acquiring financing, completing the home inspection, and a clean title.
When we submit your offer, you'll want to present "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property, and it's most often applied to the closing costs. If your offer is accepted, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances will play a part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Secure financing
After the contract is signed, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) of closing costs within three days of getting your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will probably occur at a title company or escrow office and should be a smooth and stress-free affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 4083208080 or e-mail me at .