Looking to buy a new home in San Jose? Morgan Real Estate & Financial, Inc. can help.
For most people, buying a home is a stressful event. But with some planning ahead of time, it isn't very hard.
I like to give buyers an outline of the whole deal so they'll understand exactly what to expect.
Below are my nine steps to buying a home.
If you have any questions about this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you'll want to do before you look for a home.
When you begin your search, you'll want to put together a checklist of items you need to have, get an idea of what 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 net monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent in San Jose
This is where Morgan Real Estate & Financial, Inc. can help.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, schools in the San Jose area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in San Jose, and I work with a lot of them, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a house
After we meet, I'll begin finding homes on the market that are a great fit for you.
I'll preview most of the houses and throw out the bad ones, and then we'll set up appointments to tour the homes when it's convenient for you.
As we view the houses, I'll show you the positive features, as well as bad ones. I'll even ask you about things you like and don't like.
For the most part, buyers revise their wish list as we view homes and some features become far more important than others.
If that's the case, I'll go back through all the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Know the market
My knowledge of the San Jose market is an essential element in your home search. I am mindful of all the schools and neighborhoods, and I can communicate what neighborhoods are "hot" and warrant immediate action and some that are "cool" and allow for cautiousness.
As we tour houses, I'll make sure to communicate when the asking price has room for bargaining and when I believe the house is "priced to sell."
Be mindful and make sure you ask a lot of questions, as any real estate agent in San Jose will tell you they comprehend the home market.
If it doesn't seem like they know everything, contact me at 4083208080 or e-mail me at , and I'd be happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house of your dreams
I know we'll find the home of your dreams in San Jose. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we send in your offer, most likely you'll want to present "earnest money." This is a cash deposit made to the home seller to secure the offer to purchase the property, and it's typically applied to the closing costs. If your offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the initial offer. 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 reject the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get a loan
After we sign the final contract, you'll begin working with your lender to close the loan.
This won't take much time at all if you're already pre-qualified, but you need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most often happen at a title company or escrow office and will most likely be a smooth and pleasant affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 4083208080 or e-mail me at .