Buying a new home in Sherman Oaks
Purchasing a home is intimidating for many people. However, with a little up-front planning, it's not too complex.
So they understand exactly what they can expect, I like to furnish buyers with a road map 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 answer any questions you have regarding this information.
Step 1 – Get ready to buy a home
There are several things you'll want to do prior to commencing your home search.
You'll probably want to assemble a list of items you need to have, plan for what school districts and neighborhoods you want to live in, and begin planning around your budget.
Keeping your mortgage payment less than 1/3 of your net monthly income is a good principle to follow.
Step 2 – Talk to a real estate agent
This is where I come in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Sherman Oaks area.
I'll also assist you with getting started on your loan.
Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 partners with some of Sherman Oaks's best mortgage professionals, so you can rest assured that you're in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start looking
After our first meeting, I'll start searching for homes on the market that are a good fit for you.
I'll preview most of the houses and reject the duds, and then we'll schedule appointments to view the homes whenever it's convenient for you.
When we tour the houses, I'll show you the positive features and negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to revise their must-have list as we tour houses and some things become far more crucial than others.
If that's the case, I'll go back through all the listings once more and trim it down to the house you've been waiting for.
Step 4 – Understand the housing market
My understanding of the Sherman Oaks market is a necessary aspect in your home search. I am familiar with all the neighborhoods and school districts, and I will let you know certain neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for careful consideration.
As we tour houses, I'll let you know when the asking price has room for negotiation and also when I think the house is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions, as every REALTOR will claim to comprehend the market.
If things don't add up, contact me at (818) 269-1966 or e-mail me at , and I'd be glad to answer your questions. My market knowledge will keep you a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
We'll find the house of your dreams in the Sherman Oaks area, and when we do, I'll precisely develop your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, completing the inspection, and a clean title.
When we present your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to a home seller to secure the offer to buy the property. The amount is usually put towards the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer, and it's pretty common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure financing
Once the deal is signed, you'll begin working with your lender to close the loan.
It won't be a long process at all if you're already pre-qualified, 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 will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your loan application.
This estimate depends on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a narrow range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will probably be a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just call me at (818) 269-1966 or e-mail me at .