Purchasing a new home in Santa Rosa
Purchasing a home is intimidating for a lot of people. However, with some up-front planning, it isn't very complicated.
I like to furnish buyers with an overview of the entire deal so they understand exactly what they can expect.
Here are my nine steps to buying a home.
Step 1 – Get ready to purchase a home
There are a lot of things you need to take into account prior to commencing your home search.
When you start your search, you'll probably want to form an index of items you need to have, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget.
A good principle to follow is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Talk to a real estate agent
This is where Oandason Real Estate and Loans can help.
I'll plan a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Santa Rosa area.
In addition, I'll help you get started on your loan.
There are some very good mortgage professionals in Santa Rosa, and I partner with a lot of them, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After our first meeting, I'll start searching for available homes on the market that meet your needs.
I'll get a sneak peek of many of the homes and remove the duds, and then we'll schedule appointments to view the houses when it's most convenient for you.
As we tour homes, I'll call attention to good features, as well as bad ones. And I'll ask you about things you like and dislike.
Usually, buyers update their list of must-haves as we view homes and some features become far more essential than others.
If that's the situation, I'll look through all the listings one more time and trim it down to the home of your dreams.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Santa Rosa market is a leading factor in your house search. And I assure you I'm mindful of all the neighborhoods and schools, and I will communicate which areas are "hot" and call for immediate action and the others that are "cold" and allow for careful consideration.
As we view houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions, as every real estate agent will claim to understand the home market.
If things don't add up, call me at (707) 364-5589 or e-mail me at email@example.com, and I'd be glad to answer your questions. My market knowledge will help you stay a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm positive we'll find your dream house in Santa Rosa, and when that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like obtaining financing and the results of the home inspection.
When we send in your offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is often applied to the cost of closing. If the offer is accepted, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract.
We'll also work within your budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Obtain your loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't be a long process at all. However, you should to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will likely be a smooth and pleasant 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, just call me at (707) 364-5589 or send me an e-mail.