Buying or selling a home in Lexington?
With a little up-front planning, buying a home isn't too difficult, but the event intimidates many people.
So they know exactly what to expect, I'll give buyers an overview of the whole deal.
Below are my nine steps to purchasing a home.
Should you have questions about this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
There are several things you should consider prior to commencing your home search.
You'll probably want to create a list of items you want, plan for what neighborhoods you want to live in, and start planning around your budget.
A good rule of thumb to adhere to is that your mortgage payment should be no more than 1/3 of your monthly income.
Step 2 – Contact a real estate agent
That's where I can help.
I'd love to book a time to meet with you and speak with you about your real estate needs and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, schools in the Lexington area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
Jason Compton partners with some of the finest mortgage professionals in Lexington, so you're in great hands.
They can assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Start looking for a house
Following our initial meeting, I'll start searching for homes on the market that meet your needs.
I'll research most of the houses and exclude the bad ones, and then we'll set up appointments to tour the houses whenever it's most convenient for you.
When we tour houses, I'll show you the good features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
It's common for buyers to update their list of must-haves as we view homes and some things become more essential than others.
If that's the case, I'll search all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Understand the housing market
My awareness of the Lexington housing market is a fundamental element in your house search. I'm acquainted with all the neighborhoods and schools, and I will alert you to certain neighborhoods are "hot" and warrant prompt action and others that are "cool" and allow for more examination.
When we view houses, I'll be sure to tell you when the asking price has room for negotiation and also when I know the home is "priced to sell."
Every real estate agent will claim to truly know the housing market, but beware, and make sure you ask lots of questions.
If it doesn't seem like they know everything, contact me at (803) 957-5566 or e-mail me at , and I'd be glad to answer any questions you might have. My understanding of the market will help you stay a step ahead through the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find your dream home in the Lexington area. When that happens, I'll precisely develop your home purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When sending in your purchase offer, you'll need to present "earnest money." This is a cash deposit given to the seller to secure the offer to purchase the property, and it's usually applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days afterward. This allows ample time for your mortgage financing.
Step 6 – Negotiate
A lot of deals aren't closed on the first offer – it's very common to receive a counter offer. Don't let it alarm you. We'll consider whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
The state of the market determines how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll create a deal that's best for you.
Step 7 – Obtain a loan
After the deal is signed, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take very long at all, but you should to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender will need to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of receiving your loan application.
This estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and fall within a strict range of accuracy. I'll analyze the estimate and let you know if everything looks all right.
Then we'll close on your house. This will likely occur at a title company or escrow office and is often a smooth and peaceful event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you have any questions, simply call me at (803) 957-5566 or e-mail me at .