Buying a new home in Covina?
With some up-front planning, buying a home isn't too confusing, but the event is intimidating for a lot of people.
So they know exactly what they can expect, I like to supply buyers with an outline of the whole deal.
These are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address any questions you have about this information.
Step 1 – Get ready to buy a home
There are plenty of things you'll want to consider before you look for a home.
You'll most likely want to make a checklist of features you need, get a plan of what neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is less than or around 1/3 of your monthly income is a good rule to follow.
Step 2 – Get in touch with a real estate agent in Covina
This is where All Seasons Real Estate, Inc can help.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, schools in the Covina area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
I can also help you begin the loan process.
I partner with some of Covina's best mortgage professionals, so you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our initial meeting, I'll start searching for available houses on the market that are good for you.
I'll get a sneak peek of most of the homes and throw out the duds, and then we'll book appointments to view the homes when it's most convenient for you.
As we view the homes, I'll call attention to good features and negative ones. I'll even ask you about things you like and don't like.
Oftentimes, buyers revise their list of must-haves as we view houses and some items become far more important than others.
If that's the case, I'll look through the listings one more time and trim it down to the house you've been wishing for.
Step 4 – Comprehend the market
Your agent's knowledge of the Covina market is a leading aspect in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I can let you know what districts are "hot" and call for immediate action and some that are "cold" and allow for careful consideration.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be on guard and make sure you ask lots of questions, as any real estate agent in Covina will convince you they truly know the housing market.
If things don't add up, just call me at (626) 339-0697 or e-mail me at , and I'd be glad to answer any questions you might have. My market expertise will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I know we'll find the house of your dreams in Covina. When that happens, I'll precisely develop your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are getting financing, finishing the home inspection, and a clear title.
When we submit your purchase offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to purchase the property, and it's most often applied to the cost of closing. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer. It's really common to receive a counter offer. But don't let it discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal.
We'll also work within your budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Get your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, it won't take much time at all, but you'll need to keep in close contact with your lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your application.
This estimate is based on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a precise range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then it's time to close on your house. This will likely occur at a title company or escrow office and will most likely be a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at (626) 339-0697 or e-mail me at .