Buying or selling a home?
Purchasing a home is stressful for many people, but it isn't all that hard with a little planning ahead of time.
I like to furnish buyers with an overview of the whole deal so they'll understand exactly what to expect.
These are my nine steps to purchasing a home.
Should you have any questions regarding any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Prepare to purchase
There are many things you need to take into account before beginning your home search.
You'll probably want to create a list of must-have features, get a feel for what neighborhoods you'd like to live in, and begin planning your budget.
A good principle to follow is that your mortgage payment should be around 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Lexington
This is where Jason Compton comes in.
We can arrange a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll talk about the mortgage and housing industries, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and schools in the Lexington area.
I can also assist you in getting started on your loan.
I partner with some of the best mortgage professionals in Lexington, so you can rest assured that you're in great hands.
They'll assist you in choosing which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a home
After we meet, I'll start searching for houses on the market that suit your needs.
I'll get a sneak peek of many of the houses and eliminate the duds, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we view homes, I'll show you the positive features and negative ones. And I'll ask you what things you like and don't like.
Generally, buyers revise their must-have list as we tour houses and some things become far more substantial than others.
If that happens, I'll look through all the listings again and narrow it down to the home you've been waiting for.
Step 4 – Comprehend the market
An agent's awareness of the Lexington home market is a necessary factor in your house search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will communicate which districts are "hot" and require prompt action and some that are "cold" and allow for cautiousness.
As we tour houses, I'll make sure to communicate if the seller's list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask a lot of questions. Every REALTOR in Lexington will convince you they understand the market.
If it doesn't seem like they 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 understanding of the market will help you stay a step above the rest through the entire deal.
Step 5 – Find your dream home
We'll find your dream home in the Lexington area, and when we do, I'll meticulously develop your home purchase offer. The offer will be tailored to suit your needs and the home, including a lot of contingencies, such as acquiring financing, finishing the home inspection, and a clean title.
When we send in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property and is usually applied to the closing costs. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer, and it's very common to receive a counter offer. Don't let this intimidate you. We'll consider whether or not to consent to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing limits. And at the end of the day, we'll create a deal that is best for you.
Step 7 – Get financing
After we sign the final contract, you'll start working with your lender to close the loan.
It won't be a long process at all if you're already pre-approved, but you'll want to stay in close contact with your lender.
And I'll deal with all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) outlining closing costs within three days of taking your application. You'll get a Loan Estimate (LE) of closing costs from your lender within three days of receiving your application.
The estimate is formed from the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if it all looks permissible.
Then we'll close on your house. This will likely take place at a title company or escrow office and will most likely be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, just contact me at (803) 957-5566 or e-mail me at .