With some up-front planning, buying a home isn't very complicated, but the event can be stressful for many people.
So you'll know exactly what to expect, I like to supply my buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
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When you're ready to get started, just contact me here or send e-mail to chris@halerealty.net. I'm happy to address questions you have regarding this information.
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Step 1 – Prepare to buy
There are plenty of things you need to do before you start searching for a home.
You'll want to assemble a check list of features you want, get a feel for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
A good principle to go by is that your mortgage payment should be close to 1/3 of your monthly income.
Step 2 – Talk to a real estate agent in Fresno
This is where Hale Realty can help.
I'd be happy to schedule a time to meet with you and talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Fresno area.
I can also help you get started on your loan.
There are some great mortgage professionals in Fresno, and I work with a lot of them, so you'll be in great hands.
They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll start finding homes on the market that best suit you.
I'll preview most of the houses and remove the duds, and then we'll schedule appointments to view the homes when it's most convenient for you.
As we view homes, I'll identify positive features, as well as negative ones. I'll even ask you to point out what things you like and dislike.
It's widely common for buyers to amend their list of must-haves as we view homes and some items become more essential than others.
If that's the case, I'll go back through all the listings again and trim it down to the home of your dreams.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Fresno home market is a crucial agent in your house search. And I assure you I'm acquainted with all the neighborhoods and school districts, and I'll communicate some districts are "hot" and demand prompt action and others that are "cold" and allow for careful consideration.
When we tour houses, I'll let you know when the list price has room for negotiation and also when I believe the home is "priced to sell."
Every REALTOR® will tell you they truly know the market, but keep an eye out, and be sure to ask your agent a lot of questions.
If things don't add up, contact me at 559-960-3493 or e-mail me at chris@halerealty.net, and I'll be glad to answer any questions you might have. My market knowledge will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I'm confident we'll find your dream home in Fresno. When that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs, including some contingencies. A few examples are acquiring financing, finishing the home inspection, and a clean title.
When turning in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property, and it's most often put towards the closing costs. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer. It's extremely common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
The state of the market will play a vital role in how aggressively we negotiate the contract.
We'll also work within your budget. And when it's all said and done, we'll assemble a deal that works well for you.
Step 7 – Obtain financing
After we sign the final deal, you'll start working with your lender to close the loan.
It shouldn't take long at all if you're already pre-qualified, but you should to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) outlining closing costs from your mortgage lender within three days of accepting your loan application.
This estimate depends on the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a tight range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then we'll close on your house. This should take place at a title company or escrow office and is often a smooth and relaxing occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at 559-960-3493 or send me an e-mail.
