Let Jason Compton help you with buying a home in Lexington
Buying a home intimidates many people. However, with a little planning ahead of time, it's not that complicated.
So they know exactly what to expect, I will supply buyers with an overview of the whole deal.
These are my nine steps to purchasing a home.
Should you have any questions about any of this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you commence your home search, there are a lot of things you should take into account.
When you begin your search, you'll want to form an outline of features you need to have, plan for what school districts you want to live in, and begin planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your net monthly income is a good rule of thumb to follow.
Step 2 – Contact a real estate agent in Lexington
This is where I can help.
I'd love to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Lexington area, the mortgage industry, to any other economic factors that may affect your purchase today or in the future.
I can also help you start the loan process.
Jason Compton works with some of Lexington's best mortgage professionals, so you're in great hands.
They'll assist you with figuring out which type of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin searching for houses on the market that are great for you.
I'll research many of the homes and remove the bad ones, and then we'll set up appointments to tour the houses whenever it's convenient for you.
As we view homes, I'll call attention to positive features, as well as negative ones. I'll also ask you to tell us about things you like and don't like.
Usually, buyers revise their wish list as we view homes and some features become far more necessary than others.
If that's the case, I'll look through all the listings one more time and trim it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
An agent's understanding of the Lexington market is a leading aspect in your house search. And I assure you I'm familiar with all the school districts and neighborhoods, and I can communicate what areas are "hot" and require prompt action and the ones that are "cool" and allow for thoughtful consideration.
When we view homes, I'll be sure to tell you when the list price has room for bargaining and when I know the home is "priced to sell."
Any REALTOR in Lexington will convince you they understand the housing market, but be on guard, and make sure you ask a lot of questions.
If things don't add up, call me at (803) 957-5566 or e-mail me at , and I'd be happy to answer any questions you have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream home
We'll find your dream home in Lexington, and when we do, I'll carefully develop your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies, such as getting financing, finishing the inspection, and a clean title.
When sending in your purchase offer, most likely you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property. The amount is usually put towards the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's pretty common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market conditions determine how aggressively we negotiate the contract.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a deal that's best for you.
Step 7 – Secure a loan
Upon completion of the deal, you'll begin working with your lender to close the loan.
This won't be a long process at all if you're pre-qualified, but you'll need to keep in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) outlining your closing costs within three days of getting your application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a precise range of accuracy. I'll examine the estimate and let you know if everything looks good.
Then we'll close on your home. This will likely happen at a title company or escrow office and will likely be a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, just call me at (803) 957-5566 or e-mail me at .