Purchasing a home can be stressful for many people, but it's not too hard with a bit of up-front planning.
So you understand exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
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If you have questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at michael@neelybarrow.com.
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Step 1 – Prepare to buy
There are plenty of things you need to consider before commencing your home search.
When you begin your search, you'll probably want to form a check list of features you want to have, get a feeling for what school districts and neighborhoods you want to live in, and begin planning your budget.
A good guideline to follow is that your mortgage payment should be less than or around 1/3 of your net monthly income.
Step 2 – Contact a real estate agent in La Jolla
This is where I come in.
We'll book a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss neighborhoods, school districts in the La Jolla area, the mortgage industry, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you in getting started on your loan.
Neely, Barrow & Associates partners with some of the finest mortgage professionals in La Jolla, so you'll be in great hands.
They can assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, I'll begin searching for homes on the market that best suit you.
I'll research many of the houses and reject the duds, and then we'll schedule appointments to view the houses whenever it's convenient for you.
As we tour homes, I'll show you the good features and negative ones. I'll even ask you what things you like and don't like.
Most often, buyers revise their list of must-haves as we view houses and some items become more necessary than others.
If that's the situation, I'll go back through all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Know the market
My understanding of the La Jolla housing market is a fundamental benefit in your search. I am familiar with all the school districts and neighborhoods, and I can alert you to what areas are "hot" and require immediate action and others that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll let you know when the asking price has room for negotiation and also when I believe the house is "priced to sell."
Any real estate agent in La Jolla will convince you they know the housing market, but trust your instincts, and make sure you ask your agent a lot of questions.
If it appears they don't know everything, contact me at 619.772.1574 or e-mail me at michael@neelybarrow.com, and I'll be more than happy to answer your questions. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I'm sure we'll find the house of your dreams in La Jolla, and when that happens, I'll precisely develop your purchase offer. The offer will be made to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When submitting your purchase offer, you'll need to present "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property, and it's typically applied to the cost of closing. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. Don't let it alarm you. We'll discuss whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Obtain a loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all. But you'll need to keep in close contact with your mortgage lender.
And I'll sort out 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) outlining your closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and be within a narrow range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will probably be a smooth and peaceful affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to call me at 619.772.1574 or send me an e-mail.
