Are you looking to buy a home in Lexington? Jason Compton can help.
For a lot of people, purchasing a home can be an intimidating event. But with a little up-front planning, it isn't that confusing.
So they'll know exactly what they can expect, I will furnish buyers with a road map of the whole deal.
Below are my nine steps to buying a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm happy to address any questions you have about this information.
Step 1 – Get ready to purchase a home
There are many things you need to take into account before starting your home search.
When you start your search, you'll probably want to put together an index of features you need, get a feel for what school districts you want to live in, and begin planning your budget.
Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent
This is where Jason Compton comes in.
I'd be happy to book a time to meet with you and communicate 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 could potentially affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan.
There are some very good mortgage professionals in Lexington, and I work with a lot of them, so you'll be in great hands.
They'll assist you in determining which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
Following our initial meeting, I'll start searching for houses on the market that are a great fit for you.
I'll get a sneak peek of most of the homes and throw out the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
When we tour the houses, I'll identify positive features, as well as negative ones. I'll also ask you to point out what things you like and dislike.
Usually, buyers revise their list of must-haves as we tour houses and some items become more necessary than others.
If such is the case, I'll look through all the listings again and trim it down to the home of your dreams.
Step 4 – Know the housing market
My knowledge of the Lexington home market is a fundamental element in your home search. I am mindful of all the schools and neighborhoods, and I'll alert you to some neighborhoods are "hot" and demand immediate action and some that are "cool" and allow for thoughtful examination.
When we view houses, I'll make sure to communicate when the list price has room for bargaining and when I believe the house is "priced to sell."
Every real estate agent will claim to know the housing market, but trust your instincts, and make sure you ask your agent plenty of questions.
If it seems like they don't know everything, contact me at (803) 957-5566 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market knowledge 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 the home of your dreams in Lexington. When that happens, I'll carefully create 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 submitting your offer, you'll need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to purchase the property. The amount is typically applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the beginning offer – it's widely common to receive a counter offer. But 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 go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll formulate a contract that is best for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this won't take long at all. However, you should 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
You'll get a Loan Estimate (LE) outlining closing costs from your mortgage lender within three days of taking your application.
This estimate is formed from the loan amount, and RESPA requirements order that it has to contain all closing costs and be within a precise range of accuracy. I'll examine the estimate and let you know if everything looks adequate.
Then we'll close on your home. This will most often take place at a title company or escrow office and will probably be a smooth and hassle-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 call me at (803) 957-5566 or e-mail me at .