Purchasing a new home in Sherman Oaks with Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090

Purchasing a home intimidates a lot of people, but it isn't that complex with a bit of planning ahead of time. I like to furnish buyers with a road map of the whole deal so they understand exactly what they can expect. These are my nine steps to buying a home. If you have questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .

Step 1 – Prepare to buy
Before you begin looking for a home, there are several things you should take into account. When you begin your search, you'll want to make an outline of features you want, get a feel for what neighborhoods and school districts you'd like to live in, and start working on your budget. A good principle to go by is that your mortgage payment should be less than 1/3 of your net monthly income.

Step 2 – Talk to a real estate agent in Sherman Oaks
That's where I come in. We'll plan a time to get together so we can talk about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Sherman Oaks area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.

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

Step 3 – Start your search
After we meet, I'll begin finding available homes on the market that meet your needs. I'll get a sneak peek of most of the houses and ignore the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.

As we view houses, I'll show you the positive features, as well as negative ones. And I'll ask you to talk about things you like and don't like. Frequently, buyers update their list of must-haves as we tour homes and some items become more necessary than others. If that happens, I'll search the listings another time and trim it down to the home you've been waiting for.

Step 4 – Get a grasp of the housing market
An agent's understanding of the Sherman Oaks market is a crucial factor in your home search. And I can assure you I'm informed of all the schools and neighborhoods, and I'll communicate certain neighborhoods are "hot" and call for prompt action and some that are "cool" and allow for thoughtful analysis.

As we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the home is "priced to sell." Every real estate agent in Sherman Oaks will claim to truly know the housing market, but be on guard, and make sure you ask a lot of questions. If things don't add up, call me at (818) 269-1966 or e-mail me at , and I'd be glad to answer any questions you might have. My knowledge of the market will help you stay a step ahead throughout the entire process.

Step 5 – Find the house you've been waiting for
I'm positive we'll find your dream home in Sherman Oaks. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as getting financing, carrying out the inspection, and a clear title.

When turning in your offer, you'll likely want to present "earnest money." This is a cash deposit made to a seller to secure the offer to buy the property, and it's typically put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer – it's really common to receive a counter offer. Don't let it discourage you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.

The state of the market determines how aggressively we negotiate the deal. We'll also work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.

Step 7 – Secure your loan
After we sign the final deal, you'll begin working with your lender to close the loan. If you're pre-approved, it won't take very long at all. But you'll want to stay in close contact with your mortgage lender. And I'll care for all the property information your mortgage lender needs to close the loan.

Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining your closing costs within three days of getting your application. You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of receiving your application. The estimate is formed from the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks good.

Then it's time to close on your house. This will likely occur at a title company or escrow office and will most often be a smooth and relaxing affair.

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

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