Purchasing a home in Sherman Oaks
With a little up-front planning, buying a home isn't too hard, but the event intimidates a lot of people.
So they know exactly what they can expect, I will supply buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Get ready to buy
Before you begin looking for a home, there are several things you should contemplate.
When you start your search, you'll want to put together an index of items you need, get a plan of what neighborhoods and school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent
That's where I come in.
I'd like to plan a time to meet with you and communicate with you about 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 Sherman Oaks area, the mortgage industry, to any other economic factors that might affect your purchase today or in the future.
In addition, I'll help you get started on your loan.
I partner with some of the best mortgage professionals in Sherman Oaks, so you can rest assured that you're in great hands.
They'll assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin finding available houses on the market that suit your needs.
I'll preview many of the houses and eliminate the duds, and then we'll set up appointments to view the homes when it's convenient for you.
When we view the houses, I'll show you the good features, as well as bad ones. I'll also ask you about things you like and don't like.
Frequently, buyers revise their wish list as we view houses and some items become far more substantial than others.
If that's the case, I'll search all the listings one more time and narrow it down to the home you've been dreaming about.
Step 4 – Comprehend the market
My knowledge of the Sherman Oaks home market is a fundamental aspect in your house search. I am mindful of all the neighborhoods and schools, and I can communicate what neighborhoods are "hot" and warrant prompt action and others that are "cold" and allow for more examination.
When we view homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask plenty of questions. Every real estate agent will tell you they know the home market.
If it seems like they don't know everything, contact me at (818) 269-1966 or e-mail me at , and I'd be more than happy to answer your questions. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find your dream home
We'll find the house of your dreams in Sherman Oaks, and when we do, I'll carefully create your home purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies. A few examples are obtaining financing, completing the home inspection, and a clear title.
Upon submitting your offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to purchase the property and is often put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And when it's all said and done, we'll create a deal that's best for you.
Step 7 – Get a loan
Upon signing the contract, you'll begin working with your mortgage lender to close the loan.
It won't be a long process at all if you're pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount, and RESPA requirements order that it has to involve 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 we'll close on your house. This will likely occur at a title company or escrow office and is often a smooth and stress-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, simply call me at (818) 269-1966 or e-mail me at .