Buying or selling a home? Jason Compton can help.
Buying a home is an intimidating event for a lot of people, but it's not very difficult with a bit of planning ahead of time.
So they'll understand exactly what to expect, I will give buyers an outline of the whole deal.
Below are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer questions you have regarding this information.
Step 1 – Get ready to buy a home
There are a lot of things you need to contemplate before beginning your home search.
It's likely that you'll want to make an outline of items you need, get a feeling for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than or around 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Speak with a real estate agent in Lexington
That's where I can help.
We'll book a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may affect your buying decision today or in the future, as well as neighborhoods and school districts in the Lexington area.
I'll also help you begin the loan process.
There are some very good mortgage professionals in Lexington, and I work with a lot of them, so you'll be in great hands.
They'll assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin house hunting
After our initial meeting, I'll begin looking for available homes on the market that are great for you.
I'll preview most of the houses and throw out the duds, and then we'll set up appointments to tour the homes at a time that's convenient for you.
When we tour houses, I'll identify good features and negative ones. I'll even ask you about things you like and don't like.
It's common for buyers to revise their wish list as we tour houses and some things become more crucial than others.
If that's the case, I'll go back through the listings one more time and trim it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
My understanding of the Lexington market is an imperative factor in your house search. I am acquainted with all the neighborhoods and schools, and I will communicate certain districts are "hot" and warrant immediate action and some that are "cold" and allow for thoughtful examination.
When we tour homes, I'll let you know when the seller's asking price has room for negotiation and also when I believe the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask a lot of questions. Every REALTOR will convince you they understand the market.
If it seems like they don't know everything, contact me at (803) 957-5566 or e-mail me at , and I'd be happy to answer any questions you have. My market expertise will keep you a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm positive we'll find the home of your dreams in the Lexington area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored with your needs in mind and the home, including many contingencies, such as obtaining financing, carrying out the inspection, and a clear title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to purchase the property. The amount is 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 the deal
Most deals aren't closed on the beginning offer – it's very common to receive a counter offer. Don't let this discourage you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a part in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Secure your loan
Upon finishing the contract, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, it shouldn't be a long process at all. However, you need to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Loan Estimate (LE) detailing closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of taking your loan application.
The estimate is based on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and be within a close range of accuracy. I'll analyze the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will most often take place at a title company or escrow office and will probably be a smooth and calm event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (803) 957-5566 or e-mail me at .