Contemplating buying a home in Arcadia?
Buying a home is an intimidating event for a lot of people. However, with a little up-front planning, it isn't too confusing.
I like to furnish buyers with an overview of the whole deal so they'll know exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have regarding this information.
Step 1 – Prepare to purchase a home
Before you start looking for a home, there are plenty of things you should consider.
It's likely that you'll want to put together an index of must-haves, get a feel for what school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent
That's where I can help.
I'd love to plan a time to get together with you and talk about why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Arcadia area, the mortgage and housing industries, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process.
I work with some of Arcadia's finest mortgage professionals, so you can rest assured that you're in great hands.
They'll help you decide which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your search
Following our first meeting, I'll start finding available houses on the market that suit your needs.
I'll research many of the houses and exclude the bad ones, and then we'll schedule appointments to tour the homes when it's convenient for you.
When we tour houses, I'll call attention to positive features, as well as negative ones. I'll also ask you to tell us about things you like and don't like.
It's common for buyers to update their list of must-haves as we tour homes and some features become more important than others.
If such is the case, I'll look through all the listings again and narrow it down to the home you've been wishing for.
Step 4 – Comprehend the market
My understanding of the Arcadia market is a leading agent in your home search. I am informed of all the school districts and neighborhoods, and I can let you know what neighborhoods are "hot" and call for prompt action and the ones that are "cold" and allow for more examination.
As we tour homes, I'll let you know when the seller's list price has room for bargaining and also when I think the home is "priced to sell."
Any real estate agent will tell you they know the home market, but be mindful, and be sure to ask lots of questions.
If it doesn't seem like they know everything, call me at 863-494-9009 or e-mail me at , and I'd be happy to answer any questions you might have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find your dream house in the Arcadia area. When that happens, I'll thoroughly create your home purchase offer. The offer will be tailored with your needs in mind and the home, including a lot of contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When we send in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property, and it's usually applied to the cost of closing. If the offer is accepted, we should close on the home within 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the initial offer. It's really common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a role in how aggressively we negotiate the deal.
We'll also work within your financing budget. And when it's all said and done, we'll compose a contract that's best for you.
Step 7 – Obtain financing
Once the contract is complete, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you're already pre-qualified, but you'll want to keep in close contact with your lender.
And I'll handle all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your home. This should occur at a title company or escrow office and will most likely be a smooth and stress-free occasion.
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, make sure you contact me at 863-494-9009 or e-mail me at .