Buying or selling a home in Covina?
For many people, buying a home is a stressful event. But with some up-front planning, it's not all that difficult.
I like to supply buyers with an outline of the whole deal so they'll know exactly what they can expect.
These are my nine steps to purchasing a home.
If you have questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
Before you start looking for a home, there are several things you need to take into account.
It's likely that you'll want to form a checklist of items you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning around your budget.
A good guideline to adhere to is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Speak with a real estate agent in Covina
That's where I come in.
I'd be 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 neighborhoods, school districts in the Covina area, the mortgage industry, and any additional economic factors that could affect your purchase today or in the future.
In addition, I'll help you start the loan process.
There are some great mortgage professionals in Covina, and I partner with a lot of them, so you'll be in great hands.
They can assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
After our initial meeting, I'll start searching for available houses on the market that are great for you.
I'll research many of the homes and ignore the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we view the homes, I'll identify positive features and bad ones. I'll also ask you about things you like and dislike.
For the most part, buyers change their list of must-haves as we view houses and some items become more necessary than others.
If that's the situation, I'll look through the listings once more and trim it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
My understanding of the Covina home market is an imperative component in your home search. I'm mindful of all the schools and neighborhoods, and I'll communicate which neighborhoods are "hot" and call for immediate action and some that are "cool" and allow for careful consideration.
When we view homes, I'll make sure to communicate when the seller's list price has room for negotiation and when I trust the home is "priced to sell."
Any real estate agent in Covina will tell you they understand the home market, but take note, and make sure you ask your agent plenty of questions.
If things don't add up, contact me at (626) 339-0697 or e-mail me at , and I'll be glad to answer any questions you might have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
We'll find the house of your dreams in the Covina area, and when that happens, I'll thoroughly create your 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.
Upon submitting your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property. The amount is usually put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's extremely common to receive a counter offer. But don't let it intimidate you. We'll talk over whether or not to consent to the counter offer, submit our own counter offer, or refuse 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 when it's all said and done, we'll create a contract that is best for you.
Step 7 – Get your loan
Once the contract is signed, you'll start working with your mortgage lender to close the loan.
This won't take very long at all if you've been pre-approved, but you'll need to stay in close contact with your mortgage lender.
And I'll look after 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 lender within three days of taking your loan application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most often occur at a title company or escrow office and will probably be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at (626) 339-0697 or e-mail me at .