Are you purchasing a new home in San Jose? Morgan Real Estate & Financial, Inc. can help.
Buying a home is stressful for many people, but with some planning ahead of time, it's not too difficult.
So they know exactly what they can expect, I will furnish buyers with an overview of the entire deal.
These are my nine steps to purchasing a home.
If you have 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
Prior to starting your home search, there are plenty of things you should take into account.
When you begin your search, you'll want to put together an index of must-haves, get an idea of what school districts you'd like to live in, and begin working on your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent in San Jose
That's where I come in.
I'd love to set up a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the San Jose area.
I can also 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're 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 – Start your search
After our first meeting, I'll start looking for homes on the market that are a great fit for you.
I'll preview most of the houses and exclude the duds, and then we'll book appointments to tour the homes whenever it's most convenient for you.
When we view the houses, I'll identify good features and bad ones. I'll also ask you what things you like and dislike.
Most often, buyers amend their wish list as we tour homes and some items become far more essential than others.
If that happens, I'll search all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
An agent's awareness of the San Jose housing market is a leading element in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I will communicate some neighborhoods are "hot" and demand immediate action and the ones that are "cool" and allow for careful examination.
When we tour homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell."
Trust your instincts and make sure you ask your agent lots of questions, as any REALTOR will tell you they truly understand the market.
If it seems like they don't know everything, just call me at 4083208080 or e-mail me at , and I'll be more than happy to answer any questions you might have. My market knowledge will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream home in San Jose. When we do, I'll precisely create your purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are acquiring financing, completing the inspection, and a clear title.
When submitting your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is most often applied to the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the beginning offer, and it's really common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a deal that's best for you.
Step 7 – Secure your loan
Upon completing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't be a long process at all, but you need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your 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 depends on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy. I'll go over the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will most often happen at a title company or escrow office and is often a smooth and hassle-free occurrence.
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, just contact me at 4083208080 or e-mail me at .