For most people, purchasing a home can be a stressful event. However, with a little up-front planning, it's not too hard.
So you know exactly what to expect, I like to provide my buyers with a road map of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Get ready to purchase
There are several things you'll want to contemplate prior to beginning your home search.
You'll most likely want to form a checklist of must-have features, get a feel for what school districts and neighborhoods you want to live in, and start planning your budget.
A good principle to follow is that your mortgage payment should be less than or around 1/3 of your monthly income.
Step 2 – Communicate with a real estate agent in Oakland
This is where I can help.
I'd be happy to book a time to meet with you and talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Oakland area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I can also help you get started on your loan.
I partner with some of the best mortgage professionals in Oakland, so you can rest assured that you're in great hands.
They can assist you in deciding which kind of loan is best for you and help you get approved.
Step 3 – Start looking for a house
After our initial meeting, I'll begin finding houses on the market that are a great fit for you.
I'll research most of the houses and ignore the bad ones, and then we'll book appointments to view the homes whenever it's convenient for you.
When we view the homes, I'll identify good features, as well as negative ones. I'll also ask you about things you like and dislike.
Oftentimes, buyers amend their must-have list as we view homes and some features become more essential than others.
If that happens, I'll look through all the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Understand the housing market
My understanding of the Oakland housing market is a crucial benefit in your house search. I'm familiar with all the neighborhoods and school districts, and I'll communicate some neighborhoods are "hot" and require immediate action and some that are "cool" and allow for cautiousness.
When we tour homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell."
When working with an agent, be careful and make sure you ask lots of questions, as every real estate agent in Oakland will tell you they truly understand the home market.
If it doesn't seem like they know everything, call me at (510) 763-7395 or e-mail me at eclark.seville@gmail.com, and I'd be glad to answer any questions you might have. My market expertise will help you stay a step ahead throughout the entire process.
Step 5 – Find the house you've been waiting for
I'm certain we'll find your dream house in the Oakland area. When that happens, I'll meticulously develop your real estate purchase offer. The offer will be tailored to suit your needs, including a lot of contingencies. A few examples are obtaining financing, finishing the home inspection, and a clear title.
When we turn in your offer, you'll probably want to submit "earnest money." This is a cash deposit made to a home seller to secure an offer to buy the property. The amount is usually applied to the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer – it's very common to receive a counter offer. But don't let this discourage 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.
Market circumstances will play a part in how aggressively we negotiate the deal.
In addition, we'll work within your financing limits. And at the end of the day, we'll put together a deal that works well for you.
Step 7 – Obtain a loan
After we sign the final sales contract, you'll begin working with your lender to close the loan.
This won't take very long at all if you're already pre-approved, but you should to stay in close contact with your lender.
And I'll care for all the property information your lender will need to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of receiving your application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy, and I'll study the estimate and let you know if everything looks okay.
Then it's time to close on your home. This should occur at a title company or escrow office and will likely be a smooth and relaxing occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you have any questions, simply call me at (510) 763-7395 or send me an e-mail.
