Purchasing a home in San Pedro
Buying a home can be stressful for most people, but it's not too hard with some planning ahead of time.
I like to give buyers an outline of the whole deal so they understand exactly what to expect.
These are my nine steps to buying a home.
Should you have any questions regarding any of this information or if you're prepared to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
Before you start your home search, there are a lot of things you need to contemplate.
When you begin your search, you'll probably want to make an outline of features you need, get a plan of what school districts you'd like to live in, and start planning your budget.
A good principle to go by is that your mortgage payment should be close to a third of your net monthly income.
Step 2 – Communicate with a real estate agent in San Pedro
This is where I can help.
I'd like to arrange a time to meet with you and communicate with you regarding your real estate needs and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the San Pedro area.
I can also assist you with getting started on your loan.
There are some great mortgage professionals in San Pedro, and I partner with a lot of them, so you can rest assured that you're in great hands.
They'll assist you with choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house hunting
After our initial meeting, I'll start searching for houses on the market that are good for you.
I'll research many of the homes and reject the bad ones, and then we'll book appointments to view the houses whenever it's most convenient for you.
When we view homes, I'll call attention to good features and bad ones. And I'll ask you what things you like and don't like.
Frequently, buyers update their list of must-haves as we view houses and some items become far more substantial than others.
If that's the situation, I'll go back through the listings again and narrow it down to the house of your dreams.
Step 4 – Comprehend the housing market
My knowledge of the San Pedro home market is a crucial element in your house search. I am acquainted with all the school districts and neighborhoods, and I'll let you know which areas are "hot" and warrant immediate action and others that are "cool" and allow for more analysis.
As we tour homes, I'll let you know if the seller's asking 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 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 happy to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find your dream house in the San Pedro area, and when we do, I'll thoroughly develop your real estate purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies. A few examples are acquiring financing, finishing the inspection, and a clean title.
Upon presenting your offer, you'll probably need to submit "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property. The amount is most often put towards the closing costs. If the offer is accepted, we should close on the home within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer. It's widely common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to consent to the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing constraints. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Obtain a loan
Upon completion of the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take much time at all, but you'll need to keep in close contact with your lender.
And I'll sort out all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of receiving your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of receiving your loan application.
The estimate rests on the loan amount. RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll go over the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will probably occur at a title company or escrow office and will probably be a smooth and stress-free event.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, make sure you contact me at (310) 519-3899 or e-mail me at .