Buying or selling a home in Lexington?
Purchasing a home is stressful for most people, but it's not that complicated with a bit of planning ahead of time.
So they'll know exactly what they can expect, I'll give buyers an overview of the entire deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have regarding this information.
Step 1 – Prepare to buy a home
There are many things you need to take into account before you search for a home.
When you begin your search, you'll want to make an index of features you need to have, get a feeling for what neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good rule to go by.
Step 2 – Connect with a real estate agent
This is where I can help.
I'd be more than happy to book a time to meet with you and communicate with you about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Lexington area, the mortgage and housing industries, to any other economic factors that might affect your buying decision today or in the future.
I'll also help you begin the loan process.
Jason Compton partners with some of Lexington's best mortgage professionals, so you'll be in great hands.
They can help you choose which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin finding available houses on the market that are great for you.
I'll research many of the houses and exclude the duds, and then we'll set up appointments to view the homes when it's most convenient for you.
As we view homes, I'll call attention to good features and bad ones. And I'll ask you to point out what things you like and dislike.
Frequently, buyers revise their must-have list as we tour houses and some things become more essential than others.
If such is the case, I'll search all the listings once more and narrow it down to the house you've been waiting for.
Step 4 – Comprehend the housing market
My understanding of the Lexington market is a crucial factor in your home search. I am conscious of all the neighborhoods and schools, and I will let you know what neighborhoods are "hot" and call for immediate action and some that are "cold" and allow for thoughtful examination.
As we tour homes, I'll be sure to tell you if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions. Every REALTOR will convince you they understand the market.
If it doesn't seem like they know everything, just call me at (803) 957-5566 or e-mail me at , and I'd be glad to answer any questions you have. My market expertise will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I'm positive we'll find your dream house in the Lexington area. When we do, I'll carefully create your purchase offer. The offer will be tailored exactly to your needs and the home, including many contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
Upon sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property, and it's often put towards the closing costs. If the seller accepts your offer, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer, and it's extremely common to receive a counter offer. Don't let this alarm you. We'll talk about whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Obtain your loan
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take very long at all. But you'll want to stay in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) detailing closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll review the estimate and let you know if it all looks okay.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most often be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, simply contact me at (803) 957-5566 or e-mail me at .