Buying a home is an intimidating event for a lot of people, but it's not that difficult with a little up-front planning.
So you'll understand exactly what to expect, I like to furnish my buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you start searching for a home, there are plenty of things you need to do.
It's likely that you'll want to put together an index of items you want, plan for what neighborhoods you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent in CUPERTINO
This is where I come in.
I'd like to schedule a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the CUPERTINO area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you get started on your loan.
Om Talajia partners with some of CUPERTINO's best mortgage professionals, so you're in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
After our initial meeting, I'll begin looking for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and throw out the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
As we tour the houses, I'll point out good features and bad ones. I'll also ask you to tell us about things you like and don't like.
Usually, buyers amend their must-have list as we view homes and some items become far more essential than others.
If that's the case, I'll go back through the listings another time and trim it down to the home you've been wishing for.
Step 4 – Know the housing market
My awareness of the CUPERTINO market is a crucial advantage in your house search. I'm acquainted with all the schools and neighborhoods, and I'll alert you to which areas are "hot" and warrant prompt action and others that are "cold" and allow for careful examination.
When we view homes, I'll make sure to communicate if the asking price has room for bargaining or if I believe the house is "priced to sell."
Be on guard and be sure to ask your agent lots of questions, as every real estate agent in CUPERTINO will convince you they comprehend the market.
If it doesn't seem like they know everything, call me at 408-861-8867 or e-mail me at om.talajia@cbnorcal.com, and I'd be glad to answer your questions. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find your dream home
I'm sure we'll find your dream house in CUPERTINO, and when that happens, I'll meticulously create your real estate purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we turn in your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's most often applied to the cost of closing. If the offer is accepted, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer, and it's really common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing budget. And when it's all said and done, we'll put together a deal that's best for you.
Step 7 – Obtain financing
After the contract is complete, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, this won't take very long at all. But you'll need to keep in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Good Faith Estimate (GFE) outlining your closing costs within three days of taking your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your loan application.
The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a close range of accuracy. I'll review the estimate and let you know if it all looks okay.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will most often be a smooth and calm affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, be sure to call me at 408-861-8867 or send me an e-mail.
