Are you buying your new home in Newport Beach?
For a lot of people, purchasing a home can be a stressful event. But with a little up-front planning, it isn't all that hard.
So you understand exactly what to expect, I like to furnish my buyers with an outline of the entire deal.
These are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are plenty of things you should consider before you look for a home.
When you start your search, you'll want to make an index of features you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and start working on your budget.
Ensuring your mortgage payment is less than 30 percent of your net monthly income is a good rule to follow.
Step 2 – Contact a real estate agent in Newport Beach
This is where I come in.
I'd be happy to plan a time to meet with you and speak with you about your real estate needs and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Newport Beach area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I can also help you begin the loan process.
There are some excellent mortgage professionals in Newport Beach, and I partner with a lot of them, so you're in great hands.
They will help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a house
After our initial meeting, I'll begin searching for available houses on the market that suit your needs.
I'll preview most of the houses and exclude the bad ones, and then we'll set up appointments to view the houses whenever it's convenient for you.
As we view homes, I'll identify positive features, as well as bad ones. I'll also ask you to tell me about things you like and don't like.
For the most part, buyers update their list of must-haves as we tour houses and some features become more essential than others.
If such is the case, I'll go back through all the listings again and narrow it down to the home of your dreams.
Step 4 – Get a feel for the housing market
An agent's awareness of the Newport Beach market is a crucial factor in your house search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll let you know which areas are "hot" and call for immediate action and the rest that are "cold" and allow for careful analysis.
When we tour homes, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions, as any real estate agent will claim to know the market.
If things don't add up, just call me at 949-478-2892 or e-mail me at email@example.com, and I'll be glad to answer any questions you have. My understanding of the market will help you stay a step ahead through the entire deal.
Step 5 – Find the house you've been waiting for
I know we'll find the house of your dreams in the Newport Beach area, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be written exactly to your needs. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When we send in your offer, you'll probably want to submit "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is typically put towards the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days after. 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 widely common to receive a counter offer. But don't let this alarm you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and move on.
Market circumstances will play a vital role in how aggressively we negotiate the contract.
We'll also work within your financing budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Secure a loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
This won't be a long process at all if you're already pre-approved, but you'll want to keep in close contact with your mortgage lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is based on the loan amount. RESPA requirements dictate that it has to involve all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then we'll close on your house. This will probably occur at a title company or escrow office and will likely be a smooth and stress-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, make sure you call me at 949-478-2892 or send me an e-mail.