Are you buying a home in Covina? All Seasons Real Estate, Inc can help.
Buying a home intimidates many people. However, with some planning ahead of time, it isn't too difficult.
So they know exactly what they can expect, I like to give buyers an outline of the entire deal.
Below are my nine steps to purchasing a home.
Should you have questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase
Prior to starting your home search, there are several things you'll want to do.
It's likely that you'll want to form an outline of items you want to have, plan for what school districts you want to live in, and start working on your budget.
A good guideline to follow is that your mortgage payment should be close to 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent
This is where I come in.
I'd be more than happy to set up a time to get together with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Covina area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
I'll also help you start the loan process.
There are some excellent mortgage professionals in Covina, and I work 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 your search
Following our first meeting, I'll start finding homes on the market that suit your needs.
I'll preview many of the homes and eliminate the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we view houses, I'll show you the positive features and negative ones. I'll also ask you to point out what things you like and don't like.
It's widely common for buyers to amend their must-have list as we tour houses and some features become far more necessary than others.
If that's the situation, I'll search all the listings again and trim it down to the home of your dreams.
Step 4 – Know the housing market
My understanding of the Covina home market is an essential element in your home search. I am familiar with all the schools and neighborhoods, and I'll let you know certain districts are "hot" and demand prompt action and the ones that are "cool" and allow for more analysis.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the house is "priced to sell."
Trust your instincts and be sure to ask lots of questions, as any REALTOR will tell you they truly understand the home market.
If it seems like they don't know everything, call me at (626) 339-0697 or e-mail me at , and I'll be happy to answer any questions you have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in Covina, and when that happens, I'll carefully create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as acquiring financing, finishing the inspection, and a clear title.
Upon turning in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property, and it's usually applied to the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's widely common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Obtain a loan
After the deal is finished, you'll start working with your mortgage lender to close the loan.
This shouldn't take long at all if you've been pre-qualified, but you should to stay in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) of your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your application.
This estimate is based on the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and pleasant occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (626) 339-0697 or e-mail me at .