With a little planning ahead of time, buying a home isn't too hard, but the event intimidates a lot of people.
So you'll know exactly what to expect, I like to supply my buyers with a road map of the entire deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase
Before you start searching for a home, there are many things you need to take into account.
When you begin your search, you'll want to form a checklist of features you need to have, get a feel for what school districts and neighborhoods you want to live in, and start working on your budget.
A good rule of thumb to go by is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Get in touch with a real estate agent in Napa
This is where I can help.
We'll plan a time to meet 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 could potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Napa area.
I'll also assist you in getting started on your loan.
There are some great mortgage professionals in Napa, and I partner with a lot of them, so you'll be in great hands.
They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your home search
After we meet, I'll start looking for available homes on the market that are good for you.
I'll research many of the houses and exclude the bad ones, and then we'll schedule appointments to view the homes whenever it's convenient for you.
As we view homes, I'll identify good features, as well as bad ones. And I'll ask you about things you like and don't like.
For the most part, buyers amend their list of must-haves as we view homes and some things become more necessary than others.
If such is the case, I'll go back through the listings once more and trim it down to the home you've been wishing for.
Step 4 – Get a feel for the housing market
My awareness of the Napa market is a crucial asset in your house search. I am informed of all the school districts and neighborhoods, and I will communicate what neighborhoods are "hot" and demand immediate action and the ones that are "cold" and allow for more examination.
As we tour homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Be on guard and be sure to ask a lot of questions, as any REALTOR® in Napa will convince you they truly understand the market.
If things don't add up, call me at 707.258.5220 or e-mail me at heli@cbnapavalley.com, and I'll be more than happy to answer your questions. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the home of your dreams
I know we'll find your dream house in the Napa area. When that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as getting financing, carrying out the inspection, and a clear title.
When we turn in your offer, you'll likely need to submit "earnest money." This is a cash deposit made to a home seller to secure the offer to purchase the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the initial offer – it's pretty common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing limits. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Obtain financing
Upon signing the contract, you'll begin working with your mortgage lender to close the loan.
It won't take long at all if you've been pre-qualified, but you should to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of receiving your application.
This estimate is formed from the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy, and I'll review the estimate and let you know if it all looks good.
Then we'll close on your house. This will most likely happen at a title company or escrow office and should be a smooth and stress-free affair.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at 707.258.5220 or send me an e-mail.
