Buying a home is an intimidating event for many people, but with some up-front planning, it's not too confusing.
I like to furnish buyers with an overview of the entire deal so they know exactly what they can expect.
Here are my nine steps to purchasing a home.
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If you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at felice@4hotproperties.com.
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Step 1 – Get ready to purchase
Before you start your home search, there are several things you should do.
When you start your search, you'll want to form a list of items you want, plan for what school districts you'd like to live in, and begin working on your budget.
A good guideline to adhere to is that your mortgage payment should be a third of your monthly income.
Step 2 – Get in touch with a real estate agent in Cupertino
This is where Felice Hollingsworth comes in.
I'd be more than happy to arrange a time to get together 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 neighborhoods, schools in the Cupertino area, the mortgage and housing industries, and any other economic factors that may affect your purchase 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 Cupertino, so you're 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 – Begin looking for a house
Following our initial meeting, I'll begin finding available homes on the market that are good for you.
I'll get a sneak peek of many of the houses and ignore the bad ones, and then we'll set up appointments to view the homes when it's most convenient for you.
When we tour the houses, I'll point out positive features and negative ones. And I'll ask you to point out what things you like and don't like.
For the most part, buyers change their wish list as we tour houses and some features become far more essential than others.
If that happens, I'll go back through the listings one more time and narrow it down to the home you've been wishing for.
Step 4 – Get a grasp of the housing market
An agent's knowledge of the Cupertino housing market is a leading aspect in your house search. And I assure you I'm acquainted with all the schools and neighborhoods, and I can communicate some areas are "hot" and warrant prompt action and the ones that are "cool" and allow for thoughtful analysis.
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."
Trust your instincts and be sure to ask your agent plenty of questions, as every REALTOR® in Cupertino will claim to truly understand the market.
If it seems like they don't know everything, contact me at 408-828-0123 or e-mail me at felice@4hotproperties.com, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find the house you've been waiting for
I'm sure we'll find your dream house in the Cupertino area, and when that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored with your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like your ability to secure financing and the results of the home inspection.
When we present your offer, you'll want to present "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property and is typically applied to the closing costs. If the seller accepts the offer, we should close on the property within 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the initial offer, and it's very common to receive a counter offer. But don't let this discourage you. We'll figure out whether or not to take the counter offer, submit our own counter offer, or reject the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And at the end of the day, we'll formulate a deal that's best for you.
Step 7 – Obtain financing
After we sign the final sales contract, you'll start working with your lender to close the loan.
This won't be a long process at all if you're already pre-qualified, but you'll want to keep in close contact with your mortgage lender.
And I'll handle all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Good Faith Estimate (GFE) detailing closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of taking your loan application.
The estimate depends on the loan amount. RESPA requirements order that it has to include all closing costs and fall within a strict range of accuracy, and I'll study the estimate and let you know if everything looks all right.
Then we'll close on your house. This should take place at a title company or escrow office and is often a smooth and stress-free occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to call me at 408-828-0123 or send me an e-mail.
