Buying a home is an intimidating event for a lot of people, but it isn't that complex with a bit of up-front planning. I like to give buyers an outline of the whole deal so they'll know exactly what to expect. Below are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to joyceismyrealtor@earthlink.net. I'm glad to answer questions you have about this information. |
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Step 1 – Prepare to buy
There are many things you should do before you start searching for a home. It's likely that you'll want to put together a list of features you want, get a feel for what school districts and neighborhoods you want to live in, and start working on your budget. Ensuring your mortgage payment is less than or around 40 percent of your net monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent in Gilroy and Morgan Hill
This is where Joyce Norris, Realtor DRE 01708526 comes in. I'd be happy to plan a time to get together with you and communicate with you about why you want to buy a home and get an idea of your plans for the future. We'll discuss everything from neighborhoods, school districts in the Morgan Hill and Gilroy areas, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I can also help you start the loan process. Joyce Norris, Realtor DRE 01708526 partners with some of Morgan Hill's and Gilroy's finest mortgage professionals, so you're in great hands. They can help you determine which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll begin looking for available homes on the market that are good for you. I'll research most of the homes and remove the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.
As we view houses, I'll identify positive features and bad ones. And I'll ask you what things you like and dislike. Oftentimes, buyers change their list of must-haves as we tour homes and some items become more substantial than others. If such is the case, I'll look through the listings once more and trim it down to the house of your dreams.
Step 4 – Understand the market
My understanding of the Gilroy and Morgan Hill housing markets is a valuable benefit in your home search. I'm conscious of all the neighborhoods and school districts, and I'll alert you to certain neighborhoods are "hot" and require immediate action and the ones that are "cold" and allow for thoughtful consideration.
As we tour houses, I'll make sure to communicate when the asking price has room for bargaining and when I know the house is "priced to sell." When working with an agent, be on guard and make sure you ask a lot of questions. Contact me at 408-497-1303 or e-mail me at joyceismyrealtor@earthlink.net, and I'll be happy to answer any questions you may have. My market expertise will help you stay a step ahead through the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find your dream home in Gilroy or Morgan Hill, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When presenting your purchase offer, you'll probably need to present "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property and is often applied to the cost of closing. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the first offer, and it's very common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract. We'll also work within your financing constraints. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure a loan
Once the contract is finished, you'll start working with your lender to close the loan. If you've been pre-approved, this won't take much time at all. However, you should to keep in close contact with your mortgage lender. And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of accepting your loan application. This estimate rests on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks good.
Then we'll close on your house. This will likely happen at a title company or escrow office and should be a smooth and peaceful affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply contact me at 408-497-1303 or send me an e-mail.
