With some up-front planning, purchasing a home isn't all that complex, but the event is intimidating for a lot of people.
So you know exactly what to expect, I like to provide my buyers with an outline of the entire deal.
These are my nine steps to purchasing a home.
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If you have questions regarding this information or if you're prepared to get started, you can contact me here or e-mail me at rfanaya@aol.com.
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Step 1 – Get ready to buy
There are many things you'll want to take into account before beginning your home search.
You'll probably want to assemble an outline of items you need, get a plan of what neighborhoods and school districts you'd like to live in, and start working on your budget.
Keeping your mortgage payment around 1/3 of your net monthly income is a good principle to go by.
Step 2 – Contact a real estate agent
That's where I come in.
We'll plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Calabasas area.
In addition, I'll help you get started on your loan.
I work with some of Calabasas's finest mortgage professionals, so you'll be in great hands.
They can help you decide which kind of loan is best for you, as well as help you get approved.
Step 3 – Start your search
After our initial meeting, I'll begin searching for available houses on the market that are good for you.
I'll get a sneak peek of most of the homes and reject the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
When we tour the houses, I'll point out good features, as well as bad ones. I'll even ask you to talk about things you like and don't like.
It's common for buyers to change their must-have list as we view houses and some features become far more important than others.
If that happens, I'll go back through the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Get a feel for the housing market
Your agent's knowledge of the Calabasas home market is a fundamental factor in your home search. And I can assure you I'm acquainted with all the neighborhoods and school districts, and I can communicate some districts are "hot" and warrant prompt action and the ones that are "cool" and allow for more analysis.
When we view homes, I'll make sure to communicate if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask a lot of questions, as every REALTOR® will claim to understand the market.
If it seems like they don't know everything, just call me at (818) 384-3480 or e-mail me at rfanaya@aol.com, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I know we'll find your dream house in Calabasas, and when we do, I'll meticulously develop your purchase offer. The offer will be written with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
When turning in your offer, you'll likely need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property and is usually applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the initial offer. It's really common to receive a counter offer. But don't let it alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that's best for you.
Step 7 – Obtain your loan
After the deal is complete, you'll begin working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take much time at all, but you need to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) of your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing your closing costs from your mortgage lender within three days of taking your application.
This estimate depends on the loan amount. RESPA requirements order that it has to involve all closing costs and fall within a tight range of accuracy, and I'll go over the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most likely happen at a title company or escrow office and should be a smooth and peaceful occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you have any questions, simply call me at (818) 384-3480 or send me an e-mail.