For many people, purchasing a home is a stressful event. However, with a little up-front planning, it isn't that complicated. I like to furnish buyers with a road map of the entire deal so they understand exactly what to expect. Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to jasonjac23@aol.com. I'm glad to address any questions you have about this information. |
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Step 1 – Get ready to buy
Before you start looking for a home, there are plenty of things you need to do. When you begin your search, you'll want to assemble an index of items you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning around your budget. Ensuring your mortgage payment is around 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent
This is where Jason Compton can help. I'd like to book a time to get together with you and talk about why you want to buy a home and get an idea of your upcoming plans. We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and schools in the Lexington area.
I can also help you start the loan process. There are some excellent mortgage professionals in Lexington, and I partner with a lot of them, so you can rest assured that you're in great hands. They'll assist you with choosing which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After we meet, I'll begin looking for homes on the market that best suit you. I'll research many of the homes and remove the duds, and then we'll set up appointments to view the homes at a time that's convenient for you.
When we tour the homes, I'll identify good features, as well as negative ones. I'll even ask you to talk about things you like and don't like. It's widely common for buyers to update their must-have list as we tour houses and some features become far more crucial than others. If that's the situation, I'll look through all the listings another time and trim it down to the home of your dreams.
Step 4 – Know the housing market
My knowledge of the Lexington home market is a necessary benefit in your search. I am conscious of all the school districts and neighborhoods, and I'll let you know some areas are "hot" and warrant immediate action and some that are "cool" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you when the list price has room for bargaining and when I think the home is "priced to sell." When working with an agent, be mindful and make sure you ask lots of questions. Any REALTOR® in Lexington will convince you they truly understand the home market. If it doesn't seem like they know everything, contact me at 803.957.5566 or e-mail me at jasonjac23@aol.com, and I'd be more than happy to answer any questions you have. My market expertise will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm sure we'll find the home of your dreams in the Lexington area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies, such as acquiring financing, carrying out the home inspection, and a clean title.
Upon submitting your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property and is most often put towards the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the initial offer, and it's widely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or reject the seller's offer and go on.
Market conditions will play a part in how aggressively we negotiate the contract. In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that works well for you.
Step 7 – Obtain financing
Once we sign the final contract, you'll start working with your mortgage lender to close the loan. This won't take long at all if you've been pre-approved, but you should to keep 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 supply you with a Good Faith Estimate (GFE) of your closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your loan application. This estimate is formed from the loan amount. RESPA requirements mandate that it has to include all closing costs and be within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will likely be a smooth and pleasant occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, be sure to call me at 803.957.5566 or send me an e-mail.
