Looking to buy a home in San Jose? Morgan Real Estate & Financial, Inc. can help.
With a little up-front planning, buying a home isn't all that confusing, but the event can be stressful for many people.
I like to furnish buyers with an outline of the entire deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
Should you have 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 purchase
Before you start searching for a home, there are many things you need to take into account.
You'll most likely want to make a check list of features you want to have, get an idea of what school districts you want to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than a third of your monthly income is a good guideline to follow.
Step 2 – Get in touch with a real estate agent
This is where I come in.
I'd love to arrange a time to meet with you and communicate with you about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the San Jose area.
I'll also assist you in getting started on your loan.
Morgan Real Estate & Financial, Inc. works with some of San Jose's finest mortgage professionals, so you're in great hands.
They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After we meet, I'll begin finding available homes on the market that are a good fit for you.
I'll get a sneak peek of most of the houses and remove the duds, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view houses, I'll point out good features and bad ones. And I'll ask you what things you like and dislike.
Oftentimes, buyers update their must-have list as we tour homes and some items become far more important than others.
If that's the case, I'll look through all the listings once again and trim it down to the house you've been wishing for.
Step 4 – Know the housing market
My knowledge of the San Jose housing market is a necessary aspect in your home search. I am mindful of all the schools and neighborhoods, and I'll alert you to which neighborhoods are "hot" and require prompt action and others that are "cool" and allow for more analysis.
When we tour homes, I'll let you know when the seller's list price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions. Any REALTOR in San Jose 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'd be more than happy to answer any questions you have. My understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream house
I'm certain we'll find the house of your dreams in the San Jose area. When that happens, I'll meticulously create your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When we turn in your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to the seller to secure an offer to purchase the property and is most often applied to the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the first offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or refuse the seller's offer and move on.
The state of the market determines how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Secure a loan
Upon signing the deal, you'll start working with your lender to close the loan.
It won't take long at all if you're already pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll handle all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Loan Estimate (LE) detailing closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements order that it has to involve all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks good.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at 4083208080 or e-mail me at .