Buying a new home in Lexington?
Buying a home is stressful for many people, but it isn't all that difficult with a little planning ahead of time.
So they understand exactly what they can expect, I will supply buyers with a road map of the entire deal.
Here are my nine steps to buying a home.
Should you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are plenty of things you need to contemplate before you start searching for a home.
You'll want to form a checklist of items you need, get a feeling for what neighborhoods and school districts you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is around a third of your net monthly income is a good guideline to follow.
Step 2 – Get in touch with a real estate agent in Lexington
This is where Jason Compton can help.
I'd be more than happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Lexington 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 facilitate the loan process.
There are some excellent mortgage professionals in Lexington, and I work with a lot of them, so you'll be in great hands.
They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
Following our initial meeting, I'll begin looking for houses on the market that suit your needs.
I'll get a sneak peek of most of the homes and remove the bad ones, and then we'll set up appointments to view the houses whenever it's most convenient for you.
When we tour houses, I'll call attention to positive features, as well as negative ones. And I'll ask you to talk about things you like and dislike.
Generally, buyers revise their must-have list as we view homes and some features become far more essential than others.
If such is the case, I'll look through the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the housing market
My knowledge of the Lexington market is a crucial agent in your house search. I'm acquainted with all the neighborhoods and schools, and I will let you know which districts are "hot" and require immediate action and the ones that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Every REALTOR will tell you they know the market, but be wary, and make sure you ask a lot of questions.
If things don't add up, contact me at (803) 957-5566 or e-mail me at , and I'll be glad to answer any questions you might have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
We'll find your dream house in Lexington, and when we do, I'll thoroughly create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are getting financing, carrying out the home inspection, and a clear title.
When turning in your purchase offer, most likely you'll want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to buy the property. The amount is most often applied to the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a deal that works well for you.
Step 7 – Get your loan
After we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-approved, this shouldn't take very long at all. But you'll want to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a close range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will probably be a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, just call me at (803) 957-5566 or e-mail me at .