Buying a home can be stressful for most people. However, with some planning ahead of time, it's not all that difficult. So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal. Here are my nine steps to buying a home.
Step 1 – Get ready to buy
Before you start your home search, there are a lot of things you should take into account. When you start your search, you'll want to make an index of items you want, get a feel for what neighborhoods and school districts you want to live in, and start working on your budget. Keeping your mortgage payment less than or around a third of your monthly income is a good guideline to follow.
Step 2 – Talk to a real estate agent
This is where Century 21 E-N Achievers can help. We can schedule an appointment for you to meet one of our fantastic real estate agents, so they can discuss your real estate needs and get an idea of your future plans. Our agents will talk to you about neighborhoods, schools in the Diamond Bar area, the mortgage and housing industries, and any other economic factors that could affect your buying decision today or in the future.
Our agents can also help you get started on your loan. There are some very good mortgage professionals in Diamond Bar, and our office partners with a lot of them, so you're in great hands. They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After the initial meeting with your real estate agent, they will begin finding houses on the market that are a great fit for you. Your real estate agent will get a sneak peek of most of the homes and eliminate the duds, and then will schedule appointments to tour the homes at a time that's convenient for you.
When you and your agent view houses, your agent will call attention to good features and bad ones. They will also ask you to tell us about things you like and don't like. It's widely common for buyers to change their list of must-haves as we view houses and some items become far more necessary than others. If that happens, your agent go back through the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's understanding of the Diamond Bar market is an essential factor in your house search. And I can assure you that our Century 21 EN Achiever real estate agents are conscious of all the school districts and neighborhoods, and will communicate some areas that are "hot" and call for prompt action and others that are "cool" and allow for thoughtful examination.
When you and your agent view houses, they will make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell." Be mindful and make sure you ask lots of questions, as any real estate agent in Diamond Bar will tell you they understand the home market. If it appears they don't know everything, contact me at 9098612800 or e-mail me at sam@century21en.com, and I'd be happy to answer any questions you may have. My market knowledge will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream house
I'm sure we'll find your dream house in Diamond Bar, and when that happens, our agent will carefully create your purchase offer. The offer will be made exactly to your needs. Whenever necessary, our agents will never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When sending in your offer, you'll probably need to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's usually applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the initial offer – it's very common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the contract. We'll also work within your budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, it won't take much time at all. But you should to stay in close contact with your mortgage lender. And our agent will care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of getting your application. The estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy, and our agent will examine the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will probably occur at a title company or escrow office and should be a smooth and peaceful event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to contact me at 9098612800 or send me an e-mail.
