Are you contemplating buying your home in San Jose?
With a little planning ahead of time, buying a home isn't too difficult, but the event can be stressful for many people.
I like to furnish buyers with an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Prepare to purchase
There are plenty of things you need to take into account before you start searching for a home.
When you begin your search, you'll want to make an outline of items you need, get a plan of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
A good principle to follow is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Get in touch with a real estate agent
This is where I can help.
I'd like to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the San Jose area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
Morgan Real Estate & Financial, Inc. partners with some of San Jose's finest mortgage professionals, so you can rest assured that you're in great hands.
They will assist you with deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our first meeting, I'll begin finding available homes on the market that suit your needs.
I'll preview most of the homes and ignore the bad ones, and then we'll book appointments to view the houses when it's convenient for you.
As we view the houses, I'll identify positive features and bad ones. I'll even ask you what things you like and don't like.
It's common for buyers to amend their wish list as we tour houses and some features become far more important than others.
If that's the case, I'll look through all the listings one more time and narrow it down to the house you've been dreaming about.
Step 4 – Comprehend the housing market
My awareness of the San Jose market is an essential component in your house search. I am conscious of all the neighborhoods and schools, and I can alert you to certain areas are "hot" and require immediate action and some that are "cold" and allow for thoughtful analysis.
As we view homes, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask lots of questions. Every REALTOR will convince you they comprehend the home market.
If things don't add up, just call me at 4083208080 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I'm sure we'll find the house of your dreams in San Jose. When we do, I'll meticulously develop your home purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
When we turn in your offer, you'll likely need 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 usually put towards the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's widely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your financing constraints. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Get financing
Upon completion of the deal, you'll begin working with your lender to close the loan.
If you're pre-qualified, it won't take much time at all, but you'll need to keep in close contact with your 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 Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your house. This should take place at a title company or escrow office and will most likely be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at 4083208080 or e-mail me at .