Purchasing your home in San Jose
Purchasing a home is stressful for many people, but it isn't too complex with a bit of planning ahead of time.
I like to give buyers an outline of the whole deal so they know exactly what they can expect.
Below are my nine steps to buying a home.
If you have any questions regarding any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
Prior to beginning your home search, there are several things you need to contemplate.
It's likely that you'll want to assemble an index of features you need to have, get an idea of what school districts you'd like to live in, and start working on your budget.
A good rule of thumb to follow is that your mortgage payment should be around 30 percent of your net monthly income.
Step 2 – Speak with a real estate agent
This is where I come in.
We'll schedule a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss 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 assist you in getting started on your loan.
Morgan Real Estate & Financial, Inc. works with some of San Jose's best mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After we meet, I'll start finding available homes on the market that meet your needs.
I'll research many of the homes and ignore the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we view the houses, I'll show you the positive features, as well as negative ones. I'll also ask you what things you like and don't like.
It's widely common for buyers to update their must-have list as we tour homes and some features become far more crucial than others.
If that's the case, I'll look through all the listings one more time and narrow it down to the house of your dreams.
Step 4 – Understand the market
My awareness of the San Jose market is an essential element in your house search. I am familiar with all the neighborhoods and schools, and I will communicate which neighborhoods are "hot" and warrant immediate action and the ones that are "cold" and allow for thoughtful consideration.
As we view houses, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Be on guard and make sure you ask your agent lots of questions, as any REALTOR will convince you they truly understand the home market.
If things don't add up, contact me at 4083208080 or e-mail me at , and I'll be happy to answer any questions you may have. My market knowledge will keep you a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream home in San Jose. When that happens, I'll carefully create your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are obtaining financing, carrying out the home inspection, and a clear title.
When we send in your purchase offer, you'll probably need 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 put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer. It's very common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Secure your loan
After the deal is complete, you'll start working with your lender to close the loan.
If you've been pre-approved, it shouldn't be a long process at all, but you need to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will give you a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of receiving your application.
This estimate is based on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most likely take place at a title company or escrow office and will most likely be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, simply call me at 4083208080 or e-mail me at .