Contemplating purchasing a home in Lexington?
For a lot of people, buying a home is a stressful event. However, with a bit of up-front planning, it's not very complicated.
I like to give buyers an overview of the whole deal so they'll know exactly what they can expect.
Below are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Prepare to purchase
There are several things you'll want to consider before you start looking for a home.
It's likely that you'll want to assemble a checklist of features you want, get an idea of what neighborhoods you want to live in, and begin planning your budget.
A good rule to go by is that your mortgage payment should be no more than a third of your net monthly income.
Step 2 – Communicate with a real estate agent
This is where Jason Compton comes in.
I'd be more than happy to plan a time to meet with you and talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Lexington area.
I'll also assist you in getting started on your loan.
Jason Compton partners with some of Lexington's best mortgage professionals, so you'll be in great hands.
They'll assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin your home search
After our first meeting, I'll start looking for homes on the market that suit your needs.
I'll get a sneak peek of many of the houses and ignore the duds, and then we'll set up appointments to view the homes when it's most convenient for you.
When we view houses, I'll show you the good features, as well as negative ones. I'll also ask you to talk about things you like and don't like.
Generally, buyers update their must-have list as we view homes and some features become more essential than others.
If that's the case, I'll look through all the listings once more and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My awareness of the Lexington home market is an imperative aspect in your home search. I am familiar with all the neighborhoods and schools, and I can communicate which areas are "hot" and demand prompt action and the ones that are "cold" and allow for cautiousness.
As we view houses, I'll make sure to communicate if the seller's asking price has room for negotiation or if I believe the house is "priced to sell."
Trust your instincts and be sure to ask plenty of questions, as any REALTOR in Lexington will claim to truly understand the market.
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 might have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the home of your dreams
We'll find the home of your dreams in the Lexington area, and when that happens, I'll thoroughly create your purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as getting financing, completing the home inspection, and a clear title.
When we present your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property and is often applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts aren't closed on the beginning offer. It's really common to receive a counter offer. Don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your financing limits. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Obtain financing
After we sign the final contract, you'll start working with your lender to close the loan.
If you're already pre-approved, this won't take much time at all. But you should to keep in close contact with your lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) outlining your closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your loan application.
The estimate depends on the loan amount. RESPA requirements mandate that it has to involve all closing costs and be within a close 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 should be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you call me at (803) 957-5566 or e-mail me at .