Purchasing your home in Lexington
Buying a home can be stressful for most people, but it's not very hard with a little planning ahead of time.
So they know exactly what to expect, I will give buyers an outline of the whole deal.
Below are my nine steps to buying a home.
Should you have any questions about this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
Before you commence your home search, there are plenty of things you need to take into account.
It's likely that you'll want to assemble a list of features you want, get a feeling for what school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Communicate with a real estate agent
This is where Jason Compton can help.
I'd be more than happy to book a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about the mortgage industry, other economic factors that might affect your purchase today or in the future, as well as neighborhoods and school districts in the Lexington area.
I can also help you get started on your loan.
I partner with some of the best mortgage professionals in Lexington, so you'll be in great hands.
They'll help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start your home search
Following our first meeting, I'll begin looking for homes on the market that suit your needs.
I'll research many of the houses and exclude the bad ones, and then we'll book appointments to view the homes whenever it's most convenient for you.
As we view the houses, I'll show you the good features and bad ones. I'll even ask you what things you like and don't like.
For the most part, buyers amend their list of must-haves as we tour homes and some things become far more necessary than others.
If such is the case, I'll search the listings another time and narrow it down to the home you've been dreaming about.
Step 4 – Comprehend the market
An agent's understanding of the Lexington market is an imperative factor in your house search. And I assure you I'm conscious of all the school districts and neighborhoods, and I'll let you know certain areas are "hot" and demand prompt action and some that are "cold" and allow for cautiousness.
As we tour homes, I'll make sure to communicate when the seller's list price has room for bargaining and also when I think the house is "priced to sell."
Any REALTOR in Lexington will tell you they truly understand the market, but trust your instincts, and make sure you ask your agent lots of questions.
If things don't add up, call me at (803) 957-5566 or e-mail me at , and I'd be happy to answer any questions you might have. My knowledge of the market will help you stay a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
We'll find the home of your dreams in Lexington, and when that happens, I'll thoroughly develop your purchase offer. The offer will be made to suit your needs and the home. We'll include a lot of contingencies, such as getting financing, carrying out the inspection, and a clean title.
Upon sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit given to the home seller to secure the offer to buy the property, and it's usually put towards the cost of closing. If your offer is accepted by the seller, 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
Most contracts don't close on the beginning offer, and it's extremely common to receive a counter offer. Don't let it discourage you. We'll talk over whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and move on.
Market conditions will play a large role in how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll assemble a contract that is best for you.
Step 7 – Obtain your loan
Upon signing the deal, you'll begin working with your mortgage lender to close the loan.
It won't take very long at all if you're pre-approved, but you'll want to stay in close contact with your mortgage lender.
And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will supply you with a Loan Estimate (LE) detailing your closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of getting your loan application.
The estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks good.
Then it's time to close on your house. This will most often take place at a title company or escrow office and will likely be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, just call me at (803) 957-5566 or e-mail me at .