For many people, buying a home is a stressful event. However, with a little planning ahead of time, it isn't very difficult.
So you'll know exactly what to expect, I like to give my buyers an overview of the entire deal.
Here are my nine steps to buying a home.
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If you have questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at marvin@marvinlbush.com.
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Step 1 – Get ready to purchase a home
There are many things you should do prior to commencing your home search.
You'll want to create a check list of items you need, get an idea of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
A good rule of thumb to follow is that your mortgage payment should be less than or close to a third of your net monthly income.
Step 2 – Talk to a real estate agent in BAKERSFIELD
This is where Premier Realty can help.
I'd love to book a time to meet with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the BAKERSFIELD area, the mortgage and housing industries, and any other economic factors that could affect your buying decision today or in the future.
In addition, I'll help you facilitate the loan process.
There are some excellent mortgage professionals in BAKERSFIELD, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
After our first meeting, I'll start searching for houses on the market that are a great fit for you.
I'll research most of the houses and remove the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
When we tour houses, I'll call attention to good features and bad ones. I'll also ask you to talk about things you like and dislike.
It's widely common for buyers to change their list of must-haves as we tour houses and some things become more substantial than others.
If that's the situation, I'll search all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a feel for the market
An agent's knowledge of the BAKERSFIELD market is a necessary aspect in your home search. And I assure you I'm informed of all the neighborhoods and schools, and I will let you know certain neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for more analysis.
When we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions. Every real estate agent will tell you they comprehend the market.
If it seems like they don't know everything, call me at (661) 215-2017 or e-mail me at marvin@marvinlbush.com, and I'll be happy to answer your questions. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find your dream house
We'll find your dream home in the BAKERSFIELD area, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When presenting your offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is most often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Secure your loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will likely be a smooth and stress-free occasion.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (661) 215-2017 or send me an e-mail.
