Buying a home is stressful for many people, but with some planning ahead of time, it isn't that complicated.
I like to supply buyers with an overview of the entire deal so they know exactly what to expect.
These are my nine steps to buying a home.
Step 1 – Get ready to buy
There are several things you'll want to take into account before you start searching for a home.
When you begin your search, you'll want to form a list of items you need, get a plan of what school districts you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around a third of your net monthly income is a good principle to go by.
Step 2 – Speak with a real estate agent in Novato
This is where I come in.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Novato area, the mortgage industry, and any other economic factors that could potentially affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Novato, and I work with a lot of them, so you can rest assured that you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin looking for homes on the market that meet your needs.
I'll get a sneak peek of most of the homes and remove the duds, and then we'll book appointments to tour the homes whenever it's convenient for you.
As we view the homes, I'll call attention to good features and negative ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to revise their must-have list as we view houses and some items become far more crucial than others.
If that's the case, I'll look through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Understand the market
My awareness of the Novato home market is a valuable asset in your search. I am mindful of all the neighborhoods and schools, and I will communicate which districts are "hot" and demand immediate action and some that are "cool" and allow for cautiousness.
As we tour homes, I'll make sure to communicate if the list price has room for negotiation or if I believe the house is "priced to sell."
Every real estate agent will convince you they comprehend the housing market, but be mindful, and make sure you ask your agent a lot of questions.
If things don't add up, contact me at 415-246-8022 or e-mail me at smalouf@marin-sonoma-realtor.com, and I'll be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream home in Novato. When we do, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs, including several contingencies. A few examples are getting financing, completing the inspection, and a clear title.
When we submit your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's often applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the beginning offer – it's extremely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Secure financing
Upon completing the deal, you'll start working with your lender to close the loan.
If you're already pre-approved, it won't take very long at all, but you'll need to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy, and I'll review the estimate and let you know if it all looks permissible.
Then it's time to close on your house. This will likely happen at a title company or escrow office and will most often be a smooth and easygoing affair.
Step 9 – Move in
Success! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at 415-246-8022 or send me an e-mail.
