Buying or selling a home in Lexington?
Buying a home is stressful for a lot of people, but with some planning ahead of time, it isn't that difficult.
I like to give buyers an overview of the entire deal so they know exactly what to expect.
Here are my nine steps to buying a home.
If you have any questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Prepare to purchase a home
There are a lot of things you need to consider before you search for a home.
You'll want to make a checklist of items you want to have, get a feel for what neighborhoods and school districts you'd like to live in, and start planning around your budget.
Ensuring your mortgage payment is less than a third of your monthly income is a good rule to follow.
Step 2 – Talk to a real estate agent in Lexington
This is where I come in.
I'd love to plan a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the Lexington area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
I'll also help you facilitate the loan process.
There are some great mortgage professionals in Lexington, and I work with a lot of them, so you'll be in great hands.
They can assist you in figuring out which kind of loan is best for you and help you get approved.
Step 3 – Begin your search
After our initial meeting, I'll start looking for available homes on the market that suit your needs.
I'll get a sneak peek of most of the houses and throw out the duds, and then we'll book appointments to tour the houses when it's convenient for you.
As we view homes, I'll point out positive features, as well as negative ones. I'll even ask you to tell us about things you like and don't like.
It's widely common for buyers to update their list of must-haves as we view homes and some features become more substantial than others.
If that's the case, I'll look through all the listings another time and trim it down to the home you've been wishing for.
Step 4 – Understand the market
My knowledge of the Lexington housing market is a crucial aspect in your home search. I'm familiar with all the school districts and neighborhoods, and I will alert you to which areas are "hot" and demand prompt action and the ones that are "cold" and allow for cautiousness.
As we view homes, I'll be sure to tell you when the asking price has room for bargaining and when I know the home is "priced to sell."
When working with an agent, trust your instincts and make sure you ask plenty of questions, as every REALTOR in Lexington will convince you they understand the market.
If it seems like they don't know everything, call me at (803) 957-5566 or e-mail me at , and I'd be more than happy to answer any questions you might have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm positive we'll find your dream house in the Lexington area. When that happens, I'll meticulously create your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as acquiring financing, finishing the inspection, and a clean title.
Upon turning in your offer, you'll need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property, and it's usually put towards the closing costs. If your offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the beginning offer, and it's really 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, present our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your financing budget. And when it's all said and done, we'll assemble a contract that works well for you.
Step 7 – Get your loan
Once we sign the final deal, you'll start working with your lender to close the loan.
If you're pre-qualified, this shouldn't take very long at all, but you'll want to keep in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) outlining closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and be within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will likely be a smooth and relaxed event.
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 contact me at (803) 957-5566 or e-mail me at .