For most people, purchasing a home can be an intimidating event. But with a bit of up-front planning, it isn't too hard.
I like to supply buyers with an outline of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to purchasing a home.
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If you have questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at Sabrina@mdpropertiesla.com.
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Step 1 – Get ready to purchase
There are plenty of things you'll want to consider prior to starting your home search.
When you begin your search, you'll want to form an index of items you want, get an idea of what neighborhoods and school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent
That's where I come in.
I'd be more than happy to plan a time to meet with you and speak with you regarding 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 could potentially affect your buying decision today or in the future, as well as neighborhoods and schools in the Beverly Hills area.
I can also help you facilitate the loan process.
MD Properties partners with some of the finest mortgage professionals in Beverly Hills, so you'll be in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our first meeting, I'll begin searching for houses on the market that meet your needs.
I'll preview many of the houses and throw out the bad ones, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we view houses, I'll identify good features, as well as bad ones. And I'll ask you to tell us about things you like and dislike.
It's pretty common for buyers to amend their wish list as we view homes and some features become more necessary than others.
If that happens, I'll look through the listings once more and trim it down to the home you've been dreaming about.
Step 4 – Get a grasp of the housing market
My knowledge of the Beverly Hills market is a fundamental resource in your search. I'm acquainted with all the neighborhoods and school districts, and I can let you know what areas are "hot" and warrant prompt action and some that are "cold" and allow for more consideration.
As we tour houses, I'll be sure to tell you if the seller's list price has room for negotiation 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, as any real estate agent will convince you they truly know the market.
If things don't add up, contact me at (310) 273-6265 or e-mail me at Sabrina@mdpropertiesla.com, and I'll be glad to answer any questions you have. My market knowledge will help you stay a step ahead throughout the entire process.
Step 5 – Find your dream home
I'm confident we'll find your dream home in Beverly Hills, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be made keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we turn in your offer, you'll likely want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property, and it's often applied to the cost of closing. If your offer is accepted by the seller, we should close on the home within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the first offer – it's extremely common to receive a counter offer. Don't let it 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 conditions will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Secure your loan
After the contract is complete, you'll start working with your lender to close the loan.
This shouldn't take very long at all if you've been pre-qualified, but you should to keep in close contact with your mortgage lender.
And I'll manage all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will provide you with a Good Faith Estimate (GFE) outlining closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a strict range of accuracy. I'll go over the estimate and let you know if everything looks permissible.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will most likely be a smooth and relaxed occurrence.
Step 9 – Move in
You made it! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at (310) 273-6265 or send me an e-mail.
