Contemplating purchasing a new home in Covina?
For many people, purchasing a home can be an intimidating event. But with a little up-front planning, it isn't all that confusing.
So they know exactly what to expect, I'll furnish buyers with an overview of the whole deal.
Here 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 questions you have about this information.
Step 1 – Get ready to purchase a home
There are plenty of things you'll want to consider before you search for a home.
It's likely that you'll want to assemble a check list of items you need to have, plan for what neighborhoods you want to live in, and start planning your budget.
A good rule to go by is that your mortgage payment should be a third of your monthly income.
Step 2 – Get in touch with a real estate agent in Covina
This is where I 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 talk about neighborhoods, schools in the Covina area, the mortgage industry, and any other economic factors that may affect your buying decision today or in the future.
I can also help you begin the loan process.
There are some great mortgage professionals in Covina, and I work with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with choosing which type of loan is best for you and help you get approved.
Step 3 – Start house hunting
After our initial meeting, I'll start searching for available homes on the market that are good for you.
I'll research most of the homes and remove the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we tour houses, I'll identify good features and negative ones. And I'll ask you to tell us about things you like and dislike.
Oftentimes, buyers amend their must-have list as we view houses and some things become far more crucial than others.
If that happens, I'll look through the listings another time and narrow it down to the house you've been dreaming about.
Step 4 – Comprehend the housing market
Your agent's knowledge of the Covina housing market is a fundamental component in your home search. And I assure you I'm informed of all the schools and neighborhoods, and I will communicate what neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for careful consideration.
When we tour homes, I'll let you know if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Every REALTOR in Covina will claim to understand the market, but be careful, and make sure you ask plenty of questions.
If things don't add up, call me at (626) 339-0697 or e-mail me at , and I'll be happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm sure we'll find the house of your dreams in Covina. When that happens, I'll carefully develop your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon turning in your purchase offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to buy the property and is usually applied to the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's really common to receive a counter offer. But don't let this alarm you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll put together a deal that's best for you.
Step 7 – Obtain your loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're already pre-qualified, it won't take much time at all. But you should to stay in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of your closing costs from your mortgage lender within three days of accepting your loan application.
This estimate is formed from the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your home. This will probably occur at a title company or escrow office and will likely be a smooth and comfortable occasion.
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 .