Buying or selling a home in San Pedro?
Purchasing a home is stressful for most people, but it isn't all that confusing with some planning ahead of time.
I like to give buyers a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to buying a home.
Should you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy a home
Prior to starting your home search, there are many things you should consider.
When you start your search, you'll probably want to make a list of features you want, plan for what neighborhoods you want to live in, and start planning around your budget.
A good principle to go by is that your mortgage payment should be around 1/3 of your net monthly income.
Step 2 – Talk to a real estate agent
That's where I come in.
We'll arrange a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll talk about everything from neighborhoods, school districts in the San Pedro area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
There are some excellent mortgage professionals in San Pedro, and I work with a lot of them, so you'll be in great hands.
They'll help you figure out which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll start looking for available houses on the market that meet your needs.
I'll get a sneak peek of many of the homes and reject the bad ones, and then we'll schedule appointments to view the homes when it's most convenient for you.
When we tour the homes, I'll point out good features and negative ones. I'll also ask you to point out what things you like and don't like.
Frequently, buyers amend their must-have list as we tour homes and some things become more crucial than others.
If that's the situation, I'll go back through the listings once again and narrow it down to the home you've been wishing for.
Step 4 – Comprehend the market
Your agent's understanding of the San Pedro housing market is an essential factor in your home search. And I assure you I'm familiar with all the school districts and neighborhoods, and I will let you know what districts are "hot" and warrant immediate action and others that are "cool" and allow for more consideration.
As we tour homes, I'll be sure to tell you when the list price has room for bargaining and when 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 every real estate agent in San Pedro will claim to comprehend the housing market.
If things don't add up, contact me at (310) 519-3899 or e-mail me at , and I'd be glad to answer any questions you may have. My market expertise will help you stay a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
We'll find the home of your dreams in the San Pedro area, and when we do, I'll meticulously develop your purchase offer. The offer will be tailored with your needs in mind and the home, including several contingencies. A few examples are acquiring financing, completing the home inspection, and a clear title.
When we send in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to a seller to secure an offer to buy the property and is often put towards the closing costs. If your offer is accepted, we should close within 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 initial offer, and it's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to agree to the counter offer, present our own counter offer, or reject the seller's offer and go 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 contract that works well for you.
Step 7 – Secure your loan
After the deal is finalized, you'll start working with your mortgage lender to close the loan.
It shouldn't take much time at all if you've been pre-approved, but you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your 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 receiving your loan application. You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of accepting your application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a close range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This will most often take place at a title company or escrow office and should be a smooth and peaceful occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything, be sure to contact me at (310) 519-3899 or e-mail me at .