Purchasing a home intimidates a lot of people, but with a little planning ahead of time, it isn't all that difficult.
I like to give buyers a road map of the entire deal so they'll know exactly what they can expect.
These 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 pat@patdouglas.com. I'm glad to answer questions you have regarding this information.
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Step 1 – Get ready to buy
There are many things you'll want to contemplate prior to starting your home search.
You'll want to put together a checklist of items you need, get a feel for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around a third of your monthly income is a good rule to go by.
Step 2 – Contact a real estate agent
This is where I come in.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Inglewood area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you with getting started on your loan.
There are some great mortgage professionals in Inglewood, and I work with a lot of them, so you'll be in great hands.
They'll assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Start looking
After we meet for the first time, I'll start searching for available homes on the market that are a great fit for you.
I'll preview many of the houses and remove the duds, and then we'll set up appointments to view the homes when it's convenient for you.
When we view houses, I'll call attention to positive features and bad ones. And I'll ask you to tell us about things you like and dislike.
Usually, buyers amend their wish list as we view homes and some items become far more crucial than others.
If that's the situation, I'll search the listings once again and trim it down to the home of your dreams.
Step 4 – Get a feel for the housing market
My understanding of the Inglewood home market is an essential asset in your home search. I'm informed of all the schools and neighborhoods, and I will communicate certain districts are "hot" and call for prompt action and the ones that are "cold" and allow for thoughtful examination.
As we view homes, I'll make sure to communicate when the asking price has room for bargaining and also when I know the home is "priced to sell."
Be mindful and be sure to ask your agent a lot of questions, as any real estate agent will convince you they truly understand the market.
If it appears they don't know everything, contact me at 323754-8283 or e-mail me at pat@patdouglas.com, and I'll be happy to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream house in the Inglewood area, and when we do, I'll carefully create your purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we submit your offer, most likely you'll want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is usually put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing limits. And when it's all said and done, we'll compose a deal that works well for you.
Step 7 – Obtain financing
Upon finalizing the contract, you'll begin working with your lender to close the loan.
This won't take very long at all if you're already pre-qualified, but you need to keep 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 give you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a close range of accuracy, and I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most likely happen at a title company or escrow office and will most likely be a smooth and pleasant affair.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, just contact me at 323754-8283 or send me an e-mail.
