With a little up-front planning, buying a home isn't all that complicated, but the event intimidates a lot of people.
So you know exactly what to expect, I like to provide my buyers with a road map of the whole deal.
Below are my nine steps to purchasing a home.
Step 1 – Prepare to buy a home
Prior to beginning your home search, there are plenty of things you need to contemplate.
You'll most likely want to create an outline of features you need to have, get a feel for what neighborhoods and school districts you'd like to live in, and start working on your budget.
Keeping your mortgage payment around a third of your monthly income is a good rule to adhere to.
Step 2 – Get with a real estate agent
This is where Bratty and Bluhm Real Estate comes in.
We can book a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Pacific Grove area.
I can also help you facilitate the loan process.
Bratty and Bluhm Real Estate partners with some of the best mortgage professionals in Pacific Grove, so you can rest assured that you're in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After our first meeting, I'll begin finding available homes on the market that are a great fit for you.
I'll preview many of the homes and ignore the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we tour the houses, I'll point out positive features, as well as bad ones. I'll also ask you what things you like and don't like.
It's common for buyers to update their must-have list as we view houses and some items become far more substantial than others.
If such is the case, I'll go back through the listings again and trim it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
My knowledge of the Pacific Grove home market is an essential advantage in your search. I am conscious of all the neighborhoods and schools, and I can communicate what districts are "hot" and demand immediate action and the ones that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as any real estate agent will convince you they know the housing market.
If it seems like they don't know everything, call me at (831) 372-7700 or e-mail me at info@brattyandbluhm.com, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
I'm certain we'll find your dream house in the Pacific Grove area. When we do, I'll precisely develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, finishing the inspection, and a clean title.
When we turn in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property, and it's most often put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer, and it's really common to receive a counter offer. Don't let this intimidate you. We'll talk about whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Obtain financing
Upon completing the contract, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this won't take very long at all. But you 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
Your lender will supply you with a Good Faith Estimate (GFE) of your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks all right.
Then we'll close on your home. This will most likely take place at a title company or escrow office and will most often be a smooth and hassle-free event.
Step 9 – Move in
You made it! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to call me at (831) 372-7700 or send me an e-mail.
