Buying or selling a home in Lexington?
Buying a home is an intimidating event for a lot of people. However, with a bit of up-front planning, it's not all that complex.
So they'll know exactly what they can expect, I'll supply buyers with an overview of the whole deal.
Below 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, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase
Prior to starting your home search, there are several things you should contemplate.
When you begin your search, you'll want to form an outline of features you need to have, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget.
Ensuring your mortgage payment is around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Lexington
This is where Jason Compton can help.
We can arrange 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 buying decision today or in the future.
I can also help you facilitate 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 choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin house-hunting
After our initial meeting, I'll begin finding homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and exclude the bad ones, and then we'll schedule appointments to view the houses at a time that's convenient for you.
When we view the houses, I'll identify positive features, as well as negative ones. And I'll ask you to tell us about things you like and dislike.
Frequently, buyers amend their list of must-haves as we tour homes and some features become more important than others.
If that's the situation, I'll go back through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Understand the market
Your agent's knowledge of the Lexington housing market is a fundamental agent in your house search. And I assure you I'm familiar with all the school districts and neighborhoods, and I will alert you to what areas are "hot" and require prompt action and the ones that are "cool" and allow for careful analysis.
When we view houses, I'll be sure to tell you when the seller's list price has room for negotiation and also when I know the house is "priced to sell."
Any REALTOR in Lexington will tell you they know the housing market, but be careful, and make sure you ask lots 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 have. My market expertise will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream house
We'll find your dream home in the Lexington area, and when we do, I'll meticulously develop your purchase offer. The offer will be tailored exactly to your needs and the home, including many contingencies, such as getting financing, completing the inspection, and a clean title.
When we submit your offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the home seller to secure an offer to purchase the property and is most often put towards the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most contracts aren't closed on the initial offer, and it's very common to receive a counter offer. Don't let this discourage you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions determine how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll assemble a contract that's best for you.
Step 7 – Obtain financing
Upon signing the contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take long at all, but you need to stay in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your mortgage lender within three days of receiving your application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to contain all closing costs and fall within a precise range of accuracy, and I'll study the estimate and let you know if it all looks all right.
Then it's time to close on your house. This should happen at a title company or escrow office and will most likely be a smooth and pleasant event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at (803) 957-5566 or e-mail me at .