Contemplating buying a new home in San Jose?
With a little up-front planning, purchasing a home isn't too confusing, but the event is stressful for a lot of people.
I like to give buyers an outline of the entire deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
Should you have any questions regarding this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
There are plenty of things you should contemplate prior to commencing your home search.
It's likely that you'll want to create an index of items you need to have, get a feeling for what school districts and neighborhoods you want to live in, and start working on your budget.
A good guideline to adhere to is that your mortgage payment should be less than 30 percent of your net monthly income.
Step 2 – Communicate with a real estate agent
That's where I come in.
We can book 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 talk about the mortgage industry, other economic factors that may affect your purchase today or in the future, as well as neighborhoods and school districts in the San Jose area.
I can also assist you with getting started on your loan.
I work with some of the finest mortgage professionals in San Jose, so you can rest assured that you're in great hands.
They will assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll begin searching for homes on the market that are great for you.
I'll preview many of the homes and reject the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
As we view homes, I'll point out positive features and negative ones. I'll even ask you to tell us about things you like and don't like.
As a rule, buyers amend their list of must-haves as we tour houses and some features become far more essential than others.
If that's the case, I'll look through the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Understand the housing market
My understanding of the San Jose home market is a crucial factor in your home search. I'm informed of all the school districts and neighborhoods, and I'll let you know what areas are "hot" and require prompt action and the ones that are "cool" and allow for more analysis.
When we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Any REALTOR will tell you they understand the home market.
If things don't add up, just call me at 4083208080 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in San Jose. When we do, I'll carefully develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including several contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clean title.
Upon sending in your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is often applied to the closing costs. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's pretty common to receive a counter offer. Don't let it alarm you. We'll figure out whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market circumstances will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Get financing
Once the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, this won't take very long at all. But you need to stay in close contact with your mortgage lender.
And I'll look after 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) of your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of taking your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will likely happen at a title company or escrow office and will most likely be a smooth and pleasant 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 contact me at 4083208080 or e-mail me at .