For many people, purchasing a home is a stressful event. But with a little planning ahead of time, it's not all that hard.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
Here are my nine steps to purchasing a home.
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Should you have any questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at ginger.jones@cox.net.
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Step 1 – Get ready to buy
There are plenty of things you need to contemplate before commencing your home search.
You'll most likely want to create an index of items you want to have, get a plan of what school districts and neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than or around 30 percent of your monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent
That's where I can help.
I'd be more than happy to arrange a time to meet with you and speak with you regarding why you want to buy a home and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Las Vegas area, the mortgage industry, to any other economic factors that may affect your buying decision today or in the future.
I'll also help you begin the loan process.
There are some excellent mortgage professionals in Las Vegas, and I work with a lot of them, so you'll be in great hands.
They'll help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our initial meeting, I'll begin searching for available houses on the market that are a good fit for you.
I'll research many of the homes and remove the bad ones, and then we'll set up appointments to view the homes at a time that's convenient for you.
As we view the homes, I'll show you the good features and bad ones. And I'll ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their wish list as we tour homes and some items become far more important than others.
If such is the case, I'll look through all the listings again and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
Your agent's knowledge of the Las Vegas market is a crucial aspect in your house search. And I assure you I'm familiar with all the neighborhoods and school districts, and I will alert you to which areas are "hot" and require immediate action and others that are "cool" and allow for careful analysis.
When we tour homes, I'll make sure to communicate when the list price has room for bargaining and also when I know the house is "priced to sell."
Be on guard and make sure you ask your agent a lot of questions, as every real estate agent in Las Vegas will convince you they understand the housing market.
If things don't add up, contact me at (702) 360-2030 or e-mail me at ginger.jones@cox.net, and I'd be more than happy to answer any questions you might have. My understanding of the market will keep you a step above the rest through the entire deal.
Step 5 – Find the house you've been looking for
I'm positive we'll find your dream house in Las Vegas. When that happens, I'll meticulously develop your purchase offer. The offer will be tailored keeping your needs in mind, including a lot of contingencies, such as obtaining financing, carrying out the inspection, and a clean title.
When submitting your offer, you'll probably want to present "earnest money." This is a cash deposit given to a home seller to secure the offer to purchase the property and is most often put towards the closing costs. If the seller accepts your offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer. It's widely common to receive a counter offer. Don't let it intimidate you. We'll consider whether or not to take the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on market circumstances.
In addition, we'll work within your budget. And at the end of the day, we'll compose a contract that is best for you.
Step 7 – Get your loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
This shouldn't take very long at all if you've been pre-qualified, but you need to stay in close contact with your lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your loan application.
The estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a strict range of accuracy. I'll review the estimate and let you know if it all looks all right.
Then it's time to close on your home. This will most often occur at a title company or escrow office and should be a smooth and relaxing event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, be sure to contact me at (702) 360-2030 or send me an e-mail.
