Buying or selling a home? Jason Compton can help.
Purchasing a home is a stressful event for a lot of people. However, with a little planning ahead of time, it's not all that difficult.
So they'll know exactly what to expect, I will provide buyers with an outline of the entire deal.
Here are my nine steps to buying a home.
If 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 – Prepare to buy
Before you begin searching for a home, there are several things you need to take into account.
When you begin your search, you'll probably want to make an outline of features you need to have, get a feeling for what neighborhoods you want to live in, and begin planning your budget.
Keeping your mortgage payment less than 30 percent of your net monthly income is a good guideline to go by.
Step 2 – Contact a real estate agent in Lexington
That's where I come in.
We'll arrange a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Lexington area, the mortgage and housing industries, and any additional economic factors that may affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
I partner with some of the best mortgage professionals in Lexington, so you'll be in great hands.
They can help you decide which type of loan is best for you, as well as help you get approved.
Step 3 – Start house-hunting
Following our initial meeting, I'll start finding homes on the market that are a good fit for you.
I'll get a sneak peek of many of the houses and ignore the duds, and then we'll set up appointments to view the homes whenever it's most convenient for you.
As we view homes, I'll point out good features and bad ones. And I'll ask you what things you like and dislike.
Generally, buyers amend their must-have list as we view homes and some things become far more essential than others.
If that's the case, I'll look through all the listings one more time and narrow it down to the house of your dreams.
Step 4 – Understand the market
Your agent's understanding of the Lexington housing market is an imperative factor in your home search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I will communicate which districts are "hot" and demand prompt action and the ones that are "cold" and allow for thoughtful consideration.
When we tour houses, I'll let you know if the list price has room for negotiation or if I believe the house is "priced to sell."
When working with an agent, be careful and be sure to ask plenty of questions. Every REALTOR will tell you they comprehend the home market.
If things don't add up, contact me at (803) 957-5566 or e-mail me at , and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house you've been looking for
I'm certain we'll find your dream home in Lexington. When that happens, I'll meticulously develop your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies, such as acquiring financing, carrying out the home inspection, and a clear title.
When we send in your offer, you'll want to present "earnest money." This is a cash deposit made to the seller to secure the offer to purchase the property, and it's usually put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the initial offer. It's pretty common to receive a counter offer. But don't let it alarm you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market circumstances will play a large role in how aggressively we negotiate the deal.
In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Get a loan
After the contract is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, it won't take much time at all, but you'll want to stay in close contact with your mortgage lender.
And I'll sort out 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 Loan Estimate (LE) detailing closing costs within three days of getting your loan application. You'll get a Loan Estimate (LE) detailing closing costs from your lender within three days of taking your application.
The estimate is based on the loan amount, and RESPA requirements order that it has to involve all closing costs and fall within a close range of accuracy. I'll study the estimate and let you know if it all looks okay.
Then it's time to close on your house. This will most likely take place at a title company or escrow office and will probably be a smooth and relaxing 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, be sure to contact me at (803) 957-5566 or e-mail me at .