Are you looking to buy a new home in Lexington? Jason Compton can help.
Buying a home can be stressful for many people, but it isn't very confusing with a bit of up-front planning.
I like to furnish buyers with a road map of the whole deal so they'll know exactly what they can expect.
Here are my nine steps to buying a home.
If you have any questions about any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to buy a home
There are many things you'll want to consider prior to starting your home search.
When you begin your search, you'll probably want to make an index of features you need, get a feeling for what school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is around 1/3 of your monthly income is a good rule of thumb to adhere to.
Step 2 – Talk to a real estate agent in Lexington
That's where I come in.
We can book 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 discuss the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and schools in the Lexington area.
I'll also help you facilitate the loan process.
There are some very good mortgage professionals in Lexington, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you in choosing which type of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin searching for available homes on the market that are a great fit for you.
I'll research many of the homes and ignore the duds, and then we'll book appointments to view the houses whenever it's convenient for you.
When we tour the homes, I'll call attention to good features, as well as bad ones. I'll also ask you to point out what things you like and don't like.
It's widely common for buyers to amend their list of must-haves as we tour houses and some things become more necessary than others.
If that happens, I'll search the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Comprehend the market
An agent's awareness of the Lexington home market is a crucial component in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I will communicate what neighborhoods are "hot" and warrant immediate action and others that are "cold" and allow for careful analysis.
As we tour homes, I'll be sure to tell you if the list price has room for negotiation or if I believe the home is "priced to sell."
Be careful and be sure to ask your agent a lot of questions, as every REALTOR in Lexington will claim to understand the home market.
If things don't add up, just call me at (803) 957-5566 or e-mail me at , and I'll be glad to answer any questions you may have. My market knowledge will keep you a step ahead throughout the entire deal.
Step 5 – Find the house of your dreams
We'll find the home of your dreams in Lexington, and when that happens, I'll meticulously develop your purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When sending in your offer, you'll probably want to present "earnest money." This is a cash deposit made to a seller to secure the offer to purchase the property, and it's often put towards the cost of closing. If the seller accepts your offer, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the first offer. It's really common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to take the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Secure your loan
After we sign the final deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, this won't take very long at all, but you'll need to stay in close contact with your mortgage lender.
And I'll care for all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your loan application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a tight range of accuracy. I'll review the estimate and let you know if everything looks good.
Then we'll close on your home. This will most likely occur at a title company or escrow office and is often a smooth and easygoing event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply call me at (803) 957-5566 or e-mail me at .