Buying a new home in San Jose?
For most people, purchasing a home can be an intimidating event. But with some up-front planning, it's not too complex.
So they understand exactly what to expect, I like to furnish buyers with a road map of the entire deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Get ready to buy a home
There are many things you'll want to contemplate before beginning your home search.
You'll probably want to make an outline of items you need to have, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent in San Jose
That's where I come in.
I'd like to schedule a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the San Jose area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
There are some great mortgage professionals in San Jose, and I work with a lot of them, so you'll be in great hands.
They'll assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin looking for homes on the market that are great for you.
I'll preview most of the houses and ignore the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we tour the houses, I'll call attention to good features and bad ones. I'll even ask you to talk about things you like and dislike.
Frequently, buyers revise their must-have list as we view homes and some items become more substantial than others.
If that's the situation, I'll look through all the listings another time and trim it down to the house you've been wishing for.
Step 4 – Understand the market
Your agent's knowledge of the San Jose housing market is a crucial agent in your house search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I will alert you to what neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for more examination.
When we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and when I think the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions. Every REALTOR in San Jose will tell you they comprehend the market.
If it doesn't seem like they know everything, contact me at 4083208080 or e-mail me at , and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find your dream house
We'll find your dream house in the San Jose area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are obtaining financing, completing the home inspection, and a clean title.
When we send in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to purchase the property and is most often put towards the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer – it's very common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Get a loan
Once the contract is finished, you'll start working with your lender to close the loan.
It won't be a long process at all if you're pre-approved, but you need to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) of your closing costs within three days of taking your application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of receiving your loan application.
The estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely occur at a title company or escrow office and should be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 4083208080 or e-mail me at .