Buying a home in Lexington with Jason Compton
Buying a home is an intimidating event for many people. However, with a little up-front planning, it's not too complicated.
So they'll understand exactly what they can expect, I'll provide buyers with a road map of the whole deal.
These are my nine steps to purchasing a home.
If you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are plenty of things you should do before beginning your home search.
It's likely that you'll want to form a check list of items you want to have, get a feel for what neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment around 30 percent of your monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent
This is where I can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about the mortgage and housing industries, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and schools in the Lexington area.
In addition, I'll help you get started on your loan.
There are some very good mortgage professionals in Lexington, and I partner with a lot of them, so you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After our first meeting, I'll begin looking for available homes on the market that suit your needs.
I'll preview most of the homes and throw out the bad ones, and then we'll schedule appointments to tour the homes whenever it's convenient for you.
As we tour the houses, I'll call attention to good features, as well as bad ones. I'll even ask you to tell us about things you like and dislike.
It's common for buyers to amend their wish list as we tour houses and some things become more important than others.
If that happens, I'll go back through the listings once again and trim it down to the house of your dreams.
Step 4 – Understand the housing market
An agent's knowledge of the Lexington housing market is a necessary agent in your house search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I'll alert you to which districts are "hot" and warrant prompt action and others that are "cold" and allow for thoughtful consideration.
When we view houses, I'll make sure to communicate if the list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be on guard and be sure to ask lots of questions. Every real estate agent in Lexington will convince you they truly understand the home market.
If it seems like they don't know everything, call me at (803) 957-5566 or e-mail me at , and I'd be more than happy to answer any questions you have. My market knowledge will keep you a step above the rest through the entire deal.
Step 5 – Find your dream house
We'll find the home of your dreams in Lexington, and when we do, I'll meticulously develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include several contingencies, such as getting financing, finishing the home inspection, and a clear title.
When we present your purchase offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property, and it's most often put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the initial offer. It's widely common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to agree to the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing limits. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get financing
After the contract is finished, you'll begin working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're already pre-qualified, but you should to stay in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your lender within three days of getting your application.
The estimate is based on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if it all looks good.
Then we'll close on your house. This should happen at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, just contact me at (803) 957-5566 or e-mail me at .