With some up-front planning, buying a home isn't that difficult, but the event intimidates many people.
I like to provide buyers with an overview of the entire deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
Step 1 – Get ready to buy a home
There are several things you need to consider prior to commencing your home search.
When you start your search, you'll want to make an index of features you need, get a feeling for what school districts and neighborhoods you want to live in, and start planning around your budget.
A good guideline to go by is that your mortgage payment should be no more than 1/3 of your net monthly income.
Step 2 – Get with a real estate agent in Solvang
This is where I come in.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, school districts in the Solvang area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you begin the loan process.
Avalar California Realty partners with some of Solvang's best mortgage professionals, so you'll be in great hands.
They will assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Begin your home search
After our initial meeting, I'll begin searching for houses on the market that meet your needs.
I'll research many of the homes and throw out the bad ones, and then we'll book appointments to tour the homes when it's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. I'll also ask you to talk about things you like and dislike.
Frequently, buyers change their list of must-haves as we view houses and some items become more crucial than others.
If that's the case, I'll look through all the listings once more and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the Solvang housing market is a necessary resource in your home search. I'm acquainted with all the neighborhoods and schools, and I can let you know some neighborhoods are "hot" and warrant prompt action and the ones that are "cool" and allow for careful consideration.
As we view houses, I'll make sure to communicate if the list price has room for bargaining or if I believe the house is "priced to sell."
Be careful and be sure to ask lots of questions, as every REALTOR® in Solvang will claim to comprehend the home market.
If things don't add up, contact me at 805-350-5288 or e-mail me at AvalarCaliforniaRealty@gmail.com, and I'd be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the home of your dreams
I'm certain we'll find the house of your dreams in the Solvang area, and when that happens, I'll carefully create your home purchase offer. The offer will be written to suit your needs. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
Upon presenting your offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to buy the property. The amount is typically put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the first offer, and it's extremely common to receive a counter offer. But don't let this intimidate you. We'll talk about whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market conditions will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your lender to close the loan.
This won't take much time at all if you've been pre-approved, but you'll need to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of receiving your loan application.
This estimate is based on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a close range of accuracy. I'll review the estimate and let you know if everything looks adequate.
Then we'll close on your house. This will likely occur at a title company or escrow office and will probably be a smooth and relaxing occasion.
Step 9 – Move in
Success! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 805-350-5288 or send me an e-mail.
