Purchasing your new home in San Pedro
With a little up-front planning, purchasing a home isn't all that confusing, but the event can be stressful for a lot of people.
I like to supply buyers with a road map of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
If you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy a home
There are plenty of things you need to contemplate before you start searching for a home.
You'll probably want to put together an index of items you need, get a feel for what school districts you want to live in, and begin planning around your budget.
Keeping your mortgage payment around a third of your monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent in San Pedro
That's where I can help.
We can book 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 and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I can also help you start the loan process.
I partner with some of San Pedro's finest mortgage professionals, so you'll be in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin your home search
After our initial meeting, I'll start looking for available homes on the market that are a good fit for you.
I'll preview most of the homes and exclude the bad ones, and then we'll set up appointments to tour the houses at a time that's convenient for you.
When we view homes, I'll point out positive features and bad ones. I'll also ask you what things you like and don't like.
As a rule, buyers revise their list of must-haves as we tour homes and some items become more substantial than others.
If that's the case, I'll look through the listings again and trim it down to the home you've been dreaming about.
Step 4 – Understand the market
An agent's awareness of the San Pedro market is a fundamental agent in your home search. And I can assure you I'm acquainted with all the school districts and neighborhoods, and I can let you know what neighborhoods are "hot" and demand prompt action and the ones that are "cold" and allow for more examination.
As we view homes, I'll make sure to communicate when the seller's asking price has room for bargaining and also when I know the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions, as any REALTOR in San Pedro will tell you they truly know the market.
If things don't add up, call me at (310) 519-3899 or e-mail me at , and I'd be glad to answer any questions you might have. My understanding of the market will help you stay a step ahead throughout the entire process.
Step 5 – Find the house of your dreams
I'm positive we'll find the home of your dreams in San Pedro. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs and the home, including many contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property. The amount is typically put towards the closing costs. If your offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer. It's very common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing constraints. And at the end of the day, we'll formulate a deal that is best for you.
Step 7 – Obtain your loan
After we sign the final contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, it shouldn't be a long process at all. However, you'll want to keep in close contact with your lender.
And I'll care for all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) outlining your closing costs from your lender within three days of taking your loan application.
The estimate is formed from the loan amount, and RESPA requirements require that it has to involve all closing costs and fall within a tight range of accuracy. I'll analyze the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and easygoing affair.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything, simply contact me at (310) 519-3899 or e-mail me at .