Purchasing a new home in Lexington with Jason Compton

Purchasing a home is stressful for many people, but with some up-front planning, it isn't very hard. So they'll know exactly what to expect, I like to furnish buyers with a road map of the entire deal. These are my nine steps to purchasing a home. When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer any questions you have about this information.

Step 1 – Prepare to buy
Before you start your home search, there are several things you should take into account. When you begin your search, you'll probably want to make a check list of features you want to have, get a feeling for what school districts you want to live in, and start planning around your budget. Keeping your mortgage payment around 1/3 of your net monthly income is a good principle to adhere to.

Step 2 – Contact a real estate agent
That's where I can help. We'll book a time to get together so we can talk about 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 and housing industries, to any other economic factors that might affect your purchase today or in the future.

I can also help you begin the loan process. There are some excellent mortgage professionals in Lexington, and I partner with a lot of them, so you'll be in great hands. They'll assist you with determining 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 finding available homes on the market that are a good fit for you. I'll get a sneak peek of many of the homes and ignore the bad ones, and then we'll book appointments to view the houses when it's most convenient for you.

When we tour homes, I'll point out good features, as well as bad ones. I'll also ask you about things you like and don't like. Usually, buyers amend their must-have list as we view houses and some things become far more important than others. If that happens, I'll go back through all the listings one more time and trim it down to the house of your dreams.

Step 4 – Know the market
An agent's knowledge of the Lexington market is an essential component in your home search. And I can assure you I'm conscious of all the neighborhoods and school districts, and I will alert you to what neighborhoods are "hot" and require prompt action and some that are "cool" and allow for careful examination.

As we tour homes, I'll let you know if the seller's list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, trust your instincts and make sure you ask lots of questions. Any real estate agent in Lexington will claim to comprehend the home market. If it doesn't seem like they know everything, call me at 8036655253 or e-mail me at , and I'll be happy to answer any questions you have. My understanding of the market will keep you a step above the rest through the entire deal.

Step 5 – Find the house of your dreams
We'll find the house of your dreams in Lexington, and when that happens, I'll precisely develop your purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies, such as acquiring financing, completing the inspection, and a clear title.

When submitting your offer, you'll want to submit "earnest money." This is a cash deposit given to the seller to secure an offer to purchase the property, and it's often put towards the cost of closing. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows ample time for your mortgage financing.

Step 6 – Negotiate the deal
Most deals don't close on the first offer. It's extremely common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and go on.

How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your financing constraints. And when it's all said and done, we'll compose a contract that's best for you.

Step 7 – Obtain a loan
Once the deal is finished, you'll start working with your lender to close the loan. If you've been pre-approved, this shouldn't be a long process at all. But you'll want to keep in close contact with your lender. And I'll manage all the property information your lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of getting your application. This estimate depends on the loan amount. RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy, and I'll analyze the estimate and let you know if it all looks all right.

Then we'll close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and pleasant affair.

Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to call me at 8036655253 or e-mail me at .