Buying or selling a home?
Purchasing a home intimidates most people. However, with a bit of planning ahead of time, it's not that complicated.
I like to supply buyers with a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
Should you have questions about any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase
Before you start your home search, there are several things you should consider.
When you start your search, you'll probably want to create a checklist of must-haves, get a plan of what neighborhoods and school districts you want to live in, and begin planning your budget.
Ensuring your mortgage payment is less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent in Sherman Oaks
That's where I come in.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Sherman Oaks area, the mortgage and housing industries, and any additional economic factors that might affect your buying decision today or in the future.
I'll also help you start the loan process.
There are some excellent mortgage professionals in Sherman Oaks, and I partner with a lot of them, so you'll be in great hands.
They can help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start looking
After we meet for the first time, I'll start searching for available houses on the market that best suit you.
I'll get a sneak peek of many of the houses and eliminate the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
When we view houses, I'll show you the good features and negative ones. I'll also ask you about things you like and dislike.
It's pretty common for buyers to amend their wish list as we tour homes and some things become more crucial than others.
If such is the case, I'll look through the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a grasp of the housing market
My awareness of the Sherman Oaks home market is a leading aspect in your home search. I am acquainted with all the schools and neighborhoods, and I'll communicate some neighborhoods are "hot" and warrant immediate action and the ones that are "cold" and allow for more analysis.
When we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every real estate agent in Sherman Oaks will tell you they know the market.
If things don't add up, call me at (818) 269-1966 or e-mail me at , and I'd be more than happy to answer any questions you may have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find your dream house in the Sherman Oaks area, and when we do, I'll thoroughly develop your purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies, such as acquiring financing, finishing the inspection, and a clean title.
When submitting your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's often put towards the closing costs. If your offer is accepted, we should close about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
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 figure out whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market conditions will play a vital 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 compose a contract that's best for you.
Step 7 – Get a loan
Upon completing the contract, you'll start working with your lender to close the loan.
It won't be a long process at all if you're already pre-approved, but you should 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) of your closing costs from your mortgage lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if everything 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 probably be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, make sure you call me at (818) 269-1966 or e-mail me at .