Purchasing a home is a stressful event for many people, but with some planning ahead of time, it isn't too complicated.
I like to supply buyers with an outline of the whole deal so they know exactly what they can expect.
Here are my nine steps to buying a home.
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When you're ready to get started, you can contact me here or send e-mail to kal@kaljohal.com. I'm glad to answer questions you have regarding this information.
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Step 1 – Get ready to purchase
Before you begin searching for a home, there are many things you need to do.
It's likely that you'll want to create an index of features you need to have, get a feel for what neighborhoods and school districts you want 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 of thumb to follow.
Step 2 – Contact a real estate agent
This is where I can help.
We can schedule a time to meet so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the Yuba City area, the mortgage and housing industries, to any other economic factors that may affect your buying decision today or in the future.
I'll also assist you with getting started on your loan.
I work with some of Yuba City's best mortgage professionals, so you'll be in great hands.
They'll assist you in choosing which type of loan is best for you and help you get approved.
Step 3 – Start your home search
After our initial meeting, I'll start searching for available houses on the market that best suit you.
I'll get a sneak peek of most of the houses and exclude the duds, and then we'll schedule appointments to tour the homes when it's convenient for you.
As we tour homes, I'll point out good features and bad ones. I'll even ask you to tell us about things you like and dislike.
Oftentimes, buyers update their must-have list as we tour houses and some features become more substantial than others.
If such is the case, I'll look through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the market
An agent's understanding of the Yuba City market is a fundamental component in your home search. And I assure you I'm conscious of all the schools and neighborhoods, and I can communicate some neighborhoods are "hot" and call for prompt action and others that are "cold" and allow for thoughtful consideration.
As we tour houses, I'll make sure to communicate if the asking 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. Every REALTOR® in Yuba City will tell you they truly understand the market.
If it seems like they don't know everything, call me at 530.674.6857 or e-mail me at kal@kaljohal.com, and I'd be more than happy to answer any questions you might have. My knowledge of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been looking for
I'm sure we'll find the house of your dreams in the Yuba City area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored keeping your needs in mind, including many contingencies, such as obtaining financing, carrying out the home inspection, and a clean title.
When sending in your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is usually put towards the cost of closing. If the offer is accepted by the seller, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
The state of the market will play a role in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a deal that works well for you.
Step 7 – Obtain financing
Upon signing the deal, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this shouldn't take very long at all. But you need to stay in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of accepting your application.
The estimate is formed from the loan amount, and RESPA requirements order that it has to include all closing costs and be within a strict range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
Then we'll close on your home. This will probably occur at a title company or escrow office and should be a smooth and easygoing event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at 530.674.6857 or send me an e-mail.
