Purchasing a home is a stressful event for most people, but it isn't that hard with a little up-front planning.
So you know exactly what to expect, I like to supply my buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
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If you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at rekha@rekhachatwani.com.
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Step 1 – Get ready to purchase a home
There are plenty of things you'll want to take into account before commencing your home search.
When you start your search, you'll probably want to put together an outline of features you need to have, get a feel for what school districts and neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good rule of thumb to go by.
Step 2 – Speak with a real estate agent in Fremont
This is where Re/Max Accord-Fremont can help.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Fremont area, the mortgage industry, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you get started on your loan.
Re/Max Accord-Fremont works with some of the best mortgage professionals in Fremont, so you can rest assured that you're in great hands.
They'll help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking for a home
Following our first meeting, I'll begin looking for available houses on the market that best suit you.
I'll get a sneak peek of most of the houses and throw out the bad ones, and then we'll book appointments to view the homes at a time that's convenient for you.
When we tour houses, I'll identify good features and negative ones. And I'll ask you what things you like and dislike.
It's common for buyers to amend their list of must-haves as we view houses and some features become more necessary than others.
If that's the case, I'll look through all the listings another time and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the market
Your agent's understanding of the Fremont market is a fundamental component in your home search. And I assure you I'm informed of all the neighborhoods and school districts, and I will let you know which areas are "hot" and warrant prompt action and some that are "cold" and allow for thoughtful analysis.
As we view houses, I'll be sure to tell you when the seller's list price has room for bargaining and also when I think the house is "priced to sell."
Any real estate agent will convince you they truly understand the market, but beware, and make sure you ask plenty of questions.
If it seems like they don't know everything, contact me at 5107544242 or e-mail me at rekha@rekhachatwani.com, and I'll be glad to answer any questions you have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find the house of your dreams in the Fremont area. When we do, I'll carefully develop your home purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When turning in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer – it's widely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Get your loan
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take long at all, but you need to keep in close contact with your mortgage lender.
And I'll sort out 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 getting your application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your loan application.
The estimate is based on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a close range of accuracy, and I'll analyze the estimate and let you know if it all looks okay.
Then we'll close on your house. This will probably happen at a title company or escrow office and is often a smooth and hassle-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, simply call me at 5107544242 or send me an e-mail.
