For a lot of people, buying a home is a stressful event. But with a little up-front planning, it isn't that complicated.
I like to furnish buyers with a road map of the entire deal so they'll understand exactly what they can expect.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
Before you commence your home search, there are a lot of things you need to do.
You'll most likely want to form an index of must-have features, get a feeling for what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment less than or around 1/3 of your net monthly income is a good principle to adhere to.
Step 2 – Get in touch with a real estate agent in Cerritos
This is where NT & Associates Inc. comes in.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Cerritos area.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Cerritos, and I partner with a lot of them, so you're in great hands.
They can assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Start looking for a home
Following our first meeting, I'll begin looking for available houses on the market that best suit you.
I'll research most of the houses and ignore the duds, and then we'll book appointments to view the houses at a time that's convenient for you.
As we tour the homes, I'll point out good features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
Generally, buyers amend their list of must-haves as we view houses and some items become more important than others.
If that happens, I'll go back through all the listings once more and trim it down to the house of your dreams.
Step 4 – Understand the housing market
My understanding of the Cerritos home market is a crucial resource in your home search. I'm acquainted with all the neighborhoods and school districts, and I will let you know what areas are "hot" and demand prompt action and others that are "cold" and allow for careful analysis.
When we view homes, I'll let you know when the seller's asking price has room for bargaining and also when I think the home is "priced to sell."
Every REALTOR® will claim to truly know the housing market, but take notice, and be sure to ask your agent a lot of questions.
If things don't add up, contact me at 562-468-4608 or e-mail me at tmolina@teresamolina.com, and I'll be glad to answer your questions. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
We'll find your dream home in Cerritos, and when we do, I'll precisely create your real estate purchase offer. The offer will be written 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 we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property, and it's typically applied to the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the beginning offer. It's widely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to consent to the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And when it's all said and done, we'll put together a contract that's best for you.
Step 7 – Obtain a loan
Upon completing the deal, you'll begin working with your lender to close the loan.
This won't take long at all if you're pre-approved, but you should to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your loan application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if it all looks good.
Then we'll close on your home. This should happen at a title company or escrow office and is often a smooth and relaxed affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, be sure to contact me at 562-468-4608 or send me an e-mail.
