Are you contemplating purchasing your new home in South Bay & Palos Verdes?
Buying a home is stressful for a lot of people. However, with some planning ahead of time, it's not too complex.
So they'll know exactly what to expect, I like to give buyers a road map of the entire deal.
Below are my nine steps to buying a home.
Should you have questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are a lot of things you need to contemplate before you start searching for a home.
When you begin your search, you'll want to make an outline of must-have features, get an idea of what neighborhoods you'd like to live in, and start working on your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good rule to follow.
Step 2 – Communicate with a real estate agent
This is where Larissa Rubijevsky can help.
We can schedule a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, schools in the South Bay & Palos Verdes 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 start the loan process.
There are some very good mortgage professionals in South Bay & Palos Verdes, and I partner with a lot of them, so you'll be in great hands.
They can assist you in deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After our first meeting, I'll begin searching for available houses on the market that are a great fit for you.
I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll book appointments to view the houses whenever it's convenient for you.
When we view the houses, I'll show you the positive features, as well as bad ones. And I'll ask you to talk about things you like and dislike.
It's widely common for buyers to update their must-have list as we tour homes and some items become far more necessary than others.
If such is the case, I'll search all the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
An agent's awareness of the South Bay & Palos Verdes home market is a fundamental aspect in your home search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I'll let you know certain neighborhoods are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll let you know when the list price has room for negotiation and also when I know the home is "priced to sell."
Every real estate agent will convince you they truly understand the market, but beware, and make sure you ask your agent lots of questions.
If things don't add up, just call me at or e-mail me at , and I'd be glad to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
I'm positive we'll find the house of your dreams in South Bay & Palos Verdes. When we do, I'll meticulously create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When we turn in your purchase offer, you'll likely want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is usually put towards the closing costs. If your offer is accepted, we should close on the property about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer. It's extremely common to receive a counter offer. But don't let it intimidate you. We'll discuss whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Secure a loan
Upon completion of the contract, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, this shouldn't take very long at all, but you'll want 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
Your lender will supply you with a Loan Estimate (LE) of closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of accepting your application.
The estimate depends on the loan amount. RESPA requirements order that it has to contain all closing costs and be within a strict range of accuracy, and I'll study the estimate and let you know if everything looks good.
Then we'll close on your house. This should happen at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you have any questions, be sure to call me at or e-mail me at .