Buying or selling a home in Lexington?
Buying a home intimidates a lot of people, but it's not all that confusing with a little planning ahead of time.
So they'll know exactly what they can expect, I will provide buyers with an outline of the entire deal.
These 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 about this information.
Step 1 – Get ready to buy
Prior to beginning your home search, there are a lot of things you need to take into account.
It's likely that you'll want to make a checklist of items you need to have, get an idea of what neighborhoods you'd like to live in, and begin planning your budget.
A good guideline to adhere to is that your mortgage payment should be less than or close to 30 percent of your net monthly income.
Step 2 – Contact a real estate agent in Lexington
This is where Jason Compton can help.
We'll set up a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Lexington area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
I can also help you start the loan process.
I work with some of the best mortgage professionals in Lexington, so you're in great hands.
They will help you determine which type 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 looking for available homes on the market that meet your needs.
I'll get a sneak peek of most of the houses and ignore the duds, and then we'll set up appointments to tour the homes when it's most convenient for you.
As we view homes, I'll call attention to good features, as well as bad ones. I'll also ask you what things you like and dislike.
It's pretty common for buyers to change their must-have list as we view homes and some things become far more necessary than others.
If that's the situation, I'll search all the listings another time and narrow it down to the home you've been wishing for.
Step 4 – Know the housing market
My awareness of the Lexington market is an imperative component in your home search. I am conscious of all the school districts and neighborhoods, and I can let you know certain neighborhoods are "hot" and demand prompt action and some that are "cool" and allow for more analysis.
When we view houses, I'll make sure to communicate if the asking price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Any REALTOR will convince you they understand the home market.
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 knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the house you've been looking for
We'll find the house of your dreams in Lexington, and when we do, I'll carefully develop your purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When turning in your offer, you'll likely need to submit "earnest money." This is a cash deposit given to the seller to secure an offer to buy the property. The amount is often put towards the closing costs. If the seller accepts your offer, we should close 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 initial offer – it's pretty common to receive a counter offer. Don't let this alarm you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market circumstances 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 compose a contract that is best for you.
Step 7 – Obtain your loan
Upon completion of the deal, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, it won't take much time at all, but you'll want to stay in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of taking your application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This should occur at a title company or escrow office and is often a smooth and pleasant occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at (803) 957-5566 or e-mail me at .