Purchasing a new home in Sherman Oaks

Purchasing a home intimidates most people, but with a little planning ahead of time, it's not all that confusing. I like to supply buyers with an overview of the whole deal so they understand exactly what to expect. These are my nine steps to purchasing a home. When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.

Step 1 – Get ready to purchase a home
There are several things you need to do prior to starting your home search. You'll most likely want to form a list of items you need to have, plan for what school districts and neighborhoods you'd like to live in, and start working on your budget. Keeping your mortgage payment less than or close to a third of your monthly income is a good guideline to follow.

Step 2 – Talk to a real estate agent in Sherman Oaks
That's where I can help. We can arrange a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future. We'll discuss neighborhoods, schools in the Sherman Oaks area, the mortgage industry, and any other economic factors that may potentially affect your purchase today or in the future.

In addition, I'll assist you in getting started on your loan. There are some very good mortgage professionals in Sherman Oaks, and I partner with a lot of them, so you're in great hands. They will assist you in choosing which type of loan is best for you and help you get qualified.

Step 3 – Begin your home search
After our first meeting, I'll start looking for homes on the market that are a great fit for you. I'll preview many of the homes and remove the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.

As we view the homes, I'll identify good features and bad ones. I'll even ask you what things you like and dislike. It's pretty common for buyers to update their wish list as we view houses and some items become far more crucial than others. If that happens, I'll look through all the listings one more time and narrow it down to the home you've been waiting for.

Step 4 – Get a grasp of the market
Your agent's knowledge of the Sherman Oaks housing market is an imperative factor in your house search. And I assure you I'm familiar with all the neighborhoods and schools, and I can let you know certain areas are "hot" and call for prompt action and some that are "cold" and allow for more consideration.

As we tour homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be on guard and be sure to ask plenty of questions. Every real estate agent in Sherman Oaks will claim to understand the home market. If things don't add up, just call me at (818) 269-1966 or e-mail me at , and I'd be happy to answer any questions you have. My understanding of the market will keep you a step ahead throughout the entire deal.

Step 5 – Find the home you've been looking for
We'll find your dream house in the Sherman Oaks area, and when that happens, I'll meticulously develop your purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.

When we turn in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's most often put towards the closing costs. If the offer is accepted by the seller, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate the deal
Unfortunately most deals don't close on the beginning offer. It's very common to receive a counter offer. But don't let this discourage you. We'll talk over 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 market conditions. In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that's best for you.

Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your lender to close the loan. If you've been pre-qualified, it won't take very long at all, but you'll need to stay in close contact with your mortgage lender. And I'll take care of 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 your closing costs from your lender within three days of accepting your application. This estimate is based on the loan amount. RESPA requirements mandate that it has to include all closing costs and fall within a tight range of accuracy, and I'll study the estimate and let you know if it all looks all right.

Then it's time to close on your home. This will most likely take place at a title company or escrow office and will likely be a smooth and comfortable occurrence.

Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you contact me at (818) 269-1966 or e-mail me at .

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