Are you buying your home in Sherman Oaks? Charise Michell, Estate Agent, Wish Sotheby’s International Realty, CalBRE#01425090 can help.
For most people, buying a home is a stressful event. However, with some planning ahead of time, it's not too complex.
So they'll know exactly what to expect, I like to furnish buyers with an overview of the whole deal.
These are my nine steps to buying a home.
Should you have questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase
Before you start looking for a home, there are a lot of things you'll want to consider.
You'll probably want to form a list of features you want to have, get an idea of what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Sherman Oaks
This is where I come in.
I'd be more than happy to book a time to meet with you and communicate with you about why you want to buy a home and get an idea of your future plans.
We'll talk about neighborhoods, schools in the Sherman Oaks area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I can also assist you in getting 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 determining which type of loan is best for you and help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll begin finding homes on the market that meet your needs.
I'll preview most of the homes and remove the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we tour homes, I'll call attention to good features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
It's pretty common for buyers to change their wish list as we tour homes and some features become far more crucial than others.
If such is the case, I'll search the listings once again and narrow it down to the house you've been dreaming about.
Step 4 – Understand the market
Your agent's awareness of the Sherman Oaks market is a leading element in your house search. And I can assure you I'm familiar with all the neighborhoods and schools, and I will communicate which areas are "hot" and demand prompt action and the ones that are "cool" and allow for more analysis.
When we tour houses, I'll be sure to tell you if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask a lot of questions, as any REALTOR in Sherman Oaks will tell you they comprehend the home 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 any questions you might have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
We'll find your dream house in Sherman Oaks, and when we do, I'll meticulously develop your home purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as getting financing, completing the home inspection, and a clear title.
Upon turning in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's typically put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer, and it's extremely common to receive a counter offer. Don't let this alarm you. We'll discuss whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your financing limits. And when it's all said and done, we'll put together a deal that is best for you.
Step 7 – Secure a loan
Upon finishing the deal, you'll begin working with your lender to close the loan.
It won't take long at all if you're pre-qualified, but you need to keep in close contact with your lender.
And I'll look after all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount, and RESPA requirements dictate that it has to involve all closing costs and fall within a close range of accuracy. 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 happen at a title company or escrow office and will probably be a smooth and calm occasion.
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, make sure you call me at (818) 269-1966 or e-mail me at .