Buying or selling a home in Lexington? Jason Compton can help.
With some up-front planning, purchasing a home isn't very confusing, but the event is intimidating for a lot of people.
I like to give buyers an outline of the whole deal so they'll know exactly what they can expect.
These are my nine steps to buying a home.
If you have questions regarding 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 plenty of things you'll want to take into account before you search for a home.
You'll want to create an index of items you want to have, get a plan of what neighborhoods you want to live in, and start planning your budget.
A good guideline to follow is that your mortgage payment should be less than 30 percent of your monthly income.
Step 2 – Communicate with a real estate agent in Lexington
That's where I come in.
We'll 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 everything from neighborhoods, schools in the Lexington area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I work with some of the finest mortgage professionals in Lexington, so you're in great hands.
They will assist you with figuring out which kind of loan is best for you and help you get qualified.
Step 3 – Start your search
After our initial meeting, I'll begin finding houses on the market that are good for you.
I'll preview many of the houses and throw out the bad ones, and then we'll schedule appointments to view the houses whenever it's convenient for you.
When we tour homes, I'll identify positive features and bad ones. I'll even ask you to tell us about things you like and don't like.
Frequently, buyers change their list of must-haves as we view houses and some items become more necessary than others.
If such is the case, I'll look through the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Comprehend the market
My awareness of the Lexington home market is an essential aspect in your home search. I'm acquainted with all the school districts and neighborhoods, and I can let you know what neighborhoods are "hot" and call for prompt action and some that are "cold" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions, as any real estate agent will claim to comprehend the housing market.
If things don't add up, contact me at (803) 957-5566 or e-mail me at , and I'd be glad to answer any questions you have. My understanding of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
We'll find your dream home in the Lexington area, and when that happens, I'll meticulously develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include several contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
When we present your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is typically put towards the cost of closing. If your offer is accepted, we should close about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer, and 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 reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a deal that works well for you.
Step 7 – Secure a loan
Once the deal is complete, you'll start working with your lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all. But you should to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing your closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) of your closing costs from your lender within three days of getting your application.
This estimate is formed from the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a strict range of accuracy. I'll study the estimate and let you know if it all looks good.
Then it's time to close on your house. This will most often occur at a title company or escrow office and will likely be a smooth and peaceful affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at (803) 957-5566 or e-mail me at .