Buying a home is stressful for most people, but it's not that confusing with some up-front planning.
I like to give buyers an outline of the entire deal so they know exactly what to expect.
These are my nine steps to purchasing a home.
 |
 |
 |
When you're ready to get started, just contact me here or send e-mail to justin@mainlandtitle.com. I'm glad to address any questions you have about this information.
|
|
|
|
|
Step 1 – Get ready to purchase
There are several things you need to consider prior to starting your home search.
You'll probably want to assemble an index of must-have features, get a feel for what school districts and neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around a third of your monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Hollywood
This is where I can help.
We'll arrange a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, schools in the Hollywood area, the mortgage industry, and any additional economic factors that could potentially affect your purchase today or in the future.
I'll also help you get started on your loan.
There are some very good mortgage professionals in Hollywood, and I partner with a lot of them, so you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin looking for a house
Following our initial meeting, I'll start finding available houses on the market that are great for you.
I'll preview many of the homes and reject the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we view the houses, I'll identify positive features, as well as negative ones. I'll even ask you about things you like and don't like.
As a rule, buyers amend their wish list as we tour houses and some items become far more necessary than others.
If that happens, I'll look through all the listings again and trim it down to the house of your dreams.
Step 4 – Get a grasp of the market
An agent's knowledge of the Hollywood market is an essential aspect in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I will communicate what districts are "hot" and call for immediate action and some that are "cool" and allow for careful consideration.
As 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."
Trust your instincts and be sure to ask plenty of questions, as any real estate agent will claim to truly understand the market.
If things don't add up, call me at 954-963-8099 or e-mail me at justin@mainlandtitle.com, and I'd be happy to answer your questions. My knowledge of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been looking for
I know we'll find the home of your dreams in Hollywood. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, completing the home inspection, and a clean title.
When sending in your offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the beginning offer – it's really common to receive a counter offer. But don't let this discourage you. We'll discuss whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Get a loan
Upon finalizing the deal, you'll start working with your lender to close the loan.
If you've been pre-approved, this won't take long 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 will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your lender within three days of getting your loan application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy, and I'll review the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should take place at a title company or escrow office and will most likely be a smooth and calm occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just contact me at 954-963-8099 or send me an e-mail.
