With some planning ahead of time, purchasing a home isn't very confusing, but the event intimidates a lot of people.
So you'll understand exactly what to expect, I like to supply my buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at chorn@callhorn.com.
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Step 1 – Prepare to buy
Before you begin your home search, there are many things you need to consider.
When you start your search, you'll want to make a checklist of must-haves, get a plan of what neighborhoods and school districts you want to live in, and begin working on your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good rule to adhere to.
Step 2 – Communicate with a real estate agent in Lafayette
This is where Van Eaton & Romero Inc comes in.
I'd like to schedule a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and schools in the Lafayette area.
I'll also help you start the loan process.
There are some very good mortgage professionals in Lafayette, and I partner with a lot of them, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start finding houses on the market that are good for you.
I'll research many of the homes and remove the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.
When we view houses, I'll call attention to positive features, as well as bad ones. And I'll ask you to point out what things you like and dislike.
It's pretty common for buyers to change their must-have list as we tour homes and some things become far more important than others.
If that's the case, I'll search the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
Your agent's knowledge of the Lafayette home market is a fundamental component in your house search. And I can assure you I'm informed of all the schools and neighborhoods, and I'll communicate which areas are "hot" and demand immediate action and the ones that are "cold" and allow for careful consideration.
When we view homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as every REALTOR® will tell you they comprehend the market.
If things don't add up, contact me at 337 258 4073 or e-mail me at chorn@callhorn.com, and I'd be more than happy to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the house of your dreams in the Lafayette area, and when we do, I'll carefully develop your purchase offer. The offer will be written exactly to 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 probably want to present "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is most often put towards the cost of closing. If the seller accepts your offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or refuse 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 at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Get a loan
After the deal is finished, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all, but you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Good Faith Estimate (GFE) of closing costs within three days of taking your application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your loan application.
This 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 review the estimate and let you know if everything looks okay.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you contact me at 337 258 4073 or send me an e-mail.