Buying or selling a home in Lexington? Jason Compton can help.
For a lot of people, purchasing a home can be an intimidating event. However, with a little planning ahead of time, it isn't all that complicated.
So they'll understand exactly what they can expect, I'll supply buyers with a road map of the entire deal.
Below are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address questions you have regarding this information.
Step 1 – Get ready to buy
There are plenty of things you should consider prior to beginning your home search.
It's likely that you'll want to put together an index of features you want to have, plan for what neighborhoods you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good principle to adhere to.
Step 2 – Contact a real estate agent in Lexington
This is where I come in.
We'll book a time to get together so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Lexington area, the mortgage industry, and any additional economic factors that may potentially affect your purchase today or in the future.
In addition, I'll assist you with getting started on your loan.
Jason Compton partners with some of Lexington's best mortgage professionals, so you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After we meet, I'll start searching for homes on the market that meet your needs.
I'll preview many of the houses and throw out the duds, and then we'll schedule appointments to tour the homes at a time that's convenient for you.
As we view houses, I'll point out positive features and bad ones. I'll even ask you to point out what things you like and don't like.
Generally, buyers change their list of must-haves as we tour homes and some things become more crucial than others.
If that happens, I'll search the listings once again and trim it down to the house you've been waiting for.
Step 4 – Comprehend the market
An agent's knowledge of the Lexington market is a necessary agent in your house search. And I can assure you I'm informed of all the neighborhoods and schools, and I'll communicate what areas are "hot" and require prompt action and others that are "cool" and allow for more analysis.
When we view homes, I'll let you know when the seller's list price has room for negotiation and also when I trust the house is "priced to sell."
When working with an agent, be careful and make sure you ask plenty of questions. Any REALTOR in Lexington will convince you they comprehend the housing market.
If things don't add up, contact me at (803) 957-5566 or e-mail me at , and I'd be glad to answer your questions. My market knowledge will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream home in the Lexington area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including several contingencies, such as obtaining financing, completing the inspection, and a clean title.
Upon sending in your offer, most likely you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property and is typically put towards the cost of closing. If the offer is accepted, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's very common to receive a counter offer. But don't let it discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
The state of the market will play a big part in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Secure a loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
It won't take long at all if you're pre-approved, but you'll want to stay 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) of closing costs from your mortgage lender within three days of receiving your application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if everything looks okay.
Then we'll close on your home. This will probably happen at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at (803) 957-5566 or e-mail me at .