Buying or selling a home? Jason Compton can help.
Buying a home is intimidating for many people. However, with a little planning ahead of time, it's not very difficult.
I like to furnish buyers with a road map of the entire deal so they'll know exactly what they can expect.
Below are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.
Step 1 – Prepare to purchase a home
There are plenty of things you need to do before commencing your home search.
It's likely that you'll want to make a list of items you need to have, get a plan of what school districts you'd like to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good rule to go by.
Step 2 – Connect with a real estate agent in Lexington
This is where I come in.
We'll schedule a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could affect your purchase today or in the future, as well as neighborhoods and school districts in the Lexington area.
In addition, I'll help you facilitate the loan process.
There are some great mortgage professionals in Lexington, and I work with a lot of them, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking for a house
Following our first meeting, I'll begin finding available homes on the market that are a great fit for you.
I'll get a sneak peek of most of the houses and remove the bad ones, and then we'll schedule appointments to tour the homes when it's most convenient for you.
When we view the homes, I'll show you the good features and negative ones. I'll also ask you what things you like and dislike.
Most often, buyers update their must-have list as we view homes and some things become far more important than others.
If that happens, I'll go back through all the listings another time and trim it down to the house you've been dreaming about.
Step 4 – Comprehend the market
My awareness of the Lexington housing market is a leading agent in your home search. I am familiar with all the schools and neighborhoods, and I will communicate certain districts are "hot" and require prompt action and some that are "cool" and allow for thoughtful analysis.
As we tour houses, I'll be sure to tell you if the asking price has room for bargaining or if I believe the home is "priced to sell."
Every real estate agent in Lexington will tell you they comprehend the housing market, but be mindful, and be sure to ask plenty of questions.
If things don't add up, call me at (803) 957-5566 or e-mail me at , and I'll be happy to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home of your dreams
I know we'll find the home of your dreams in Lexington. When we do, I'll thoroughly create your real estate purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
Upon sending in your purchase offer, you'll probably want to submit "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property, and it's typically put towards the cost of closing. If your offer is accepted, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals don't close on the beginning offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll consider whether or not to take the counter offer, submit our own counter offer, or decline 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 create a deal that's best for you.
Step 7 – Get a loan
Once the deal is signed, you'll begin working with your lender to close the loan.
If you're already pre-approved, this won't take long at all. But you should to stay in close contact with your lender.
And I'll manage all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will furnish you with a Loan Estimate (LE) of closing costs within three days of taking your application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your application.
This estimate depends on the loan amount, and RESPA requirements require that it has to involve all closing costs and be within a close range of accuracy. I'll examine the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most likely occur at a title company or escrow office and should be a smooth and relaxing occasion.
Step 9 – Move in
Congratulations! Now you can 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 .