Contemplating buying your home in Lexington?

Buying a home can be stressful for many people, but with a little planning ahead of time, it's not all that complicated. I like to furnish buyers with a road map of the entire deal so they'll understand exactly what to expect. These are my nine steps to buying a home. Should you have any questions regarding this information or if you're ready to get started, you can contact me here or e-mail me at .

Step 1 – Prepare to purchase a home
Before you start searching for a home, there are a lot of things you'll want to take into account. It's likely that you'll want to form a check list of items you need, get a feeling for what neighborhoods you'd like to live in, and begin working on your budget. A good rule of thumb to go by is that your mortgage payment should be no more than 30 percent of your monthly income.

Step 2 – Contact a real estate agent in Lexington
This is where Jason Compton can help. I'd be more than happy to arrange a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans. We'll talk about neighborhoods, school districts in the Lexington area, the mortgage industry, and any additional economic factors that may affect your buying decision today or in the future.

I can also help you facilitate the loan process. There are some great mortgage professionals in Lexington, and I work with a lot of them, so you're in great hands. They can assist you with determining which type of loan is best for you and help you get qualified.

Step 3 – Begin house-hunting
After we meet for the first time, I'll start looking for houses on the market that are a great fit for you. I'll get a sneak peek of many of the homes and ignore the duds, and then we'll schedule appointments to tour the homes when it's most convenient for you.

As we view houses, I'll call attention to good features and negative ones. And I'll ask you about things you like and don't like. It's widely common for buyers to update their must-have list as we view houses and some things become far more necessary than others. If that's the situation, I'll go back through the listings once more and trim it down to the home of your dreams.

Step 4 – Understand the market
Your agent's awareness of the Lexington housing market is an essential element in your house search. And I can assure you I'm informed of all the neighborhoods and school districts, and I will let you know certain neighborhoods are "hot" and warrant prompt action and the ones that are "cold" and allow for careful analysis.

As we view houses, I'll make sure to communicate when the list price has room for negotiation and also when I think the home is "priced to sell." When working with an agent, be on guard and be sure to ask lots of questions, as any real estate agent will tell you they understand the housing market. If it seems like they don't know everything, just call me at (803) 957-5566 or e-mail me at , and I'd be happy to answer your questions. My understanding of the market will help you stay a step ahead through the entire deal.

Step 5 – Find the home of your dreams
We'll find your dream house in the Lexington area, and when we do, I'll carefully create your home purchase offer. The offer will be made to fit your needs and the home. We'll include many contingencies, such as acquiring financing, finishing the home inspection, and a clear title.

Upon turning in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property and is usually applied to the closing costs. If your offer is accepted by the seller, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.

Step 6 – Negotiate
A lot of contracts don't close on the initial offer – it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.

Market conditions determine how aggressively we negotiate the deal. In addition, we'll work within your budget. And when it's all said and done, we'll compose a contract that works well for you.

Step 7 – Secure your loan
Upon completion of the contract, you'll begin working with your lender to close the loan. It shouldn't take much time at all if you're already pre-approved, but you need to stay in close contact with your lender. And I'll deal with all the property information your mortgage lender needs to close the loan.

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

Then we'll close on your home. This will most often happen at a title company or escrow office and will likely be a smooth and calm occurrence.

Step 9 – Move in
Congratulations! It's time to move into your new home. 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 .

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