Purchasing a new home in San Pedro
For many people, buying a home is a stressful event. But with some up-front planning, it's not too hard.
I like to give buyers an overview of the whole deal so they understand exactly what to expect.
Here are my nine steps to buying a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Prepare to buy a home
Prior to starting your home search, there are a lot of things you need to take into account.
When you start your search, you'll want to create a checklist of features you need, get an idea of what neighborhoods and school districts you want to live in, and begin planning around your budget.
A good rule to go by is that your mortgage payment should be no more than a third of your net monthly income.
Step 2 – Talk to a real estate agent
This is where I come in.
I'd be happy to book a time to get together with you and communicate with you about your real estate needs and get an idea of your future plans.
We'll discuss 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 get started on your loan.
There are some excellent mortgage professionals in San Pedro, and I partner with a lot of them, so you're in great hands.
They'll assist you in figuring out which type of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After our initial meeting, I'll begin finding houses on the market that are good for you.
I'll preview many of the homes and remove the duds, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we tour homes, I'll point out good features and bad ones. And I'll ask you about things you like and don't like.
It's widely common for buyers to update their must-have list as we tour houses and some things become far more necessary than others.
If such is the case, I'll look through the listings once again and trim it down to the house you've been waiting for.
Step 4 – Understand the market
My knowledge of the San Pedro home market is a leading element in your home search. I am informed of all the school districts and neighborhoods, and I can let you know certain districts are "hot" and call for prompt action and others that are "cold" and allow for careful consideration.
As we tour houses, I'll let you know when the asking price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, be mindful and be sure to ask plenty of questions. Any REALTOR in San Pedro will claim to understand the home market.
If it appears they don't know everything, just call me at (310) 519-3899 or e-mail me at , and I'd be glad to answer any questions you may have. My understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the home you've been waiting for
We'll find the home of your dreams in the San Pedro area, and when we do, I'll thoroughly create your purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When sending in your offer, you'll need to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property. The amount is typically put towards the cost of closing. If the offer is accepted, we should close on the property about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer. It's widely common to receive a counter offer. Don't let this discourage you. We'll talk about whether or not to agree to the counter offer, submit 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 contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Obtain a loan
After the contract is finalized, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this shouldn't be a long process at all, but you'll need to keep in close contact with your mortgage lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) of closing costs within three days of receiving your application. You'll get a Loan Estimate (LE) outlining closing costs from your lender within three days of getting your application.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then we'll close on your house. This will probably occur at a title company or escrow office and is often a smooth and peaceful event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at (310) 519-3899 or e-mail me at .