Are you contemplating purchasing your new home in Lexington? Jason Compton can help.
Buying a home is intimidating for many people, but it's not very complicated with some up-front planning.
So they know exactly what to expect, I like to give buyers an overview of the entire deal.
Below are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are plenty of things you need to do prior to commencing your home search.
You'll want to form a checklist of items you want to have, get an idea of what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or close to a third of your monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent in Lexington
That's where I can help.
We'll schedule a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about neighborhoods, school districts in the Lexington area, the mortgage and housing industries, and any other economic factors that could affect your purchase today or in the future.
I'll also help you begin the loan process.
There are some great mortgage professionals in Lexington, and I partner with a lot of them, so you're in great hands.
They can help you figure out which kind 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 searching for available homes on the market that suit your needs.
I'll research many of the houses and reject the bad ones, and then we'll set up appointments to view the homes whenever it's most convenient for you.
When we view homes, I'll point out good features, as well as bad ones. I'll even ask you about things you like and don't like.
Usually, buyers revise their must-have list as we view houses and some features become more crucial than others.
If that's the situation, I'll look through all the listings once again and trim it down to the home of your dreams.
Step 4 – Understand the market
An agent's awareness of the Lexington home market is a fundamental element in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will communicate some areas are "hot" and require prompt action and some that are "cool" and allow for thoughtful consideration.
As we tour houses, I'll be sure to tell you when the seller's asking price has room for negotiation and also when I trust the home is "priced to sell."
Every real estate agent in Lexington will tell you they truly know the housing market, but be mindful, and be sure to ask a lot of questions.
If things don't add up, just call me at (803) 957-5566 or e-mail me at , and I'd be happy to answer any questions you may have. My knowledge of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm confident we'll find your dream house in Lexington. When that happens, I'll meticulously create your real estate purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
Upon sending in your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is usually applied to the cost of closing. If the offer is accepted, we should close about 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the first offer – it's widely common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on the state of the market.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain your loan
Once the contract is complete, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this shouldn't take much time at all. But you need to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if it all looks good.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will likely be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, make sure you call me at (803) 957-5566 or e-mail me at .