Let Jason Compton help you with purchasing a new home in Lexington
Purchasing a home can be stressful for many people, but it's not too complicated with some up-front planning.
I like to give buyers an outline of the whole deal so they'll understand exactly what to expect.
Here are my nine steps to buying a home.
If you have any questions regarding this information or if you're ready to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you'll want to do before you look for a home.
You'll want to create a checklist of items you want to have, get a feeling for what school districts you want to live in, and start working on your budget.
Keeping your mortgage payment around 1/3 of your monthly income is a good principle to go by.
Step 2 – Connect with a real estate agent in Lexington
This is where I come in.
We can plan a time to get together so we can talk about your real estate needs and get an idea of your plans for the future.
We'll discuss neighborhoods, school districts in the Lexington area, the mortgage industry, and any additional economic factors that may affect your buying decision today or in the future.
I can also help you facilitate the loan process.
There are some great mortgage professionals in Lexington, and I partner with a lot of them, so you'll be in great hands.
They'll assist you with deciding which type of loan is best for you and help you get qualified.
Step 3 – Start house hunting
After our initial meeting, I'll begin searching for homes on the market that meet your needs.
I'll research most of the homes and eliminate the duds, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour houses, I'll point out positive features, as well as bad ones. I'll even ask you to point out what things you like and don't like.
It's pretty common for buyers to update their list of must-haves as we view houses and some features become far more essential than others.
If that's the case, I'll go back through all the listings once more and narrow it down to the house you've been dreaming about.
Step 4 – Understand the housing market
Your agent's awareness of the Lexington market is an essential element in your home search. And I assure you I'm conscious of all the neighborhoods and schools, and I'll alert you to which areas are "hot" and require prompt action and others that are "cool" and allow for thoughtful examination.
As we view houses, I'll let you know when the asking price has room for negotiation and also when I know the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions, as every real estate agent in Lexington will claim to truly understand the market.
If it doesn't seem like they know everything, contact me at (803) 957-5566 or e-mail me at , and I'll be happy to answer any questions you might have. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
We'll find the home of your dreams in the Lexington area, and when that happens, I'll precisely create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including a lot of contingencies. A few examples are obtaining financing, finishing the inspection, and a clean title.
When we present your offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure an offer to buy the property. The amount is most often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts aren't closed on the beginning offer – it's very 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, submit our own counter offer, or decline the seller's offer and move on.
Market conditions will play a big part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And at the end of the day, we'll compose a deal that is best for you.
Step 7 – Get your loan
Upon finalizing the deal, you'll begin working with your lender to close the loan.
If you're pre-approved, it shouldn't take much time at all. However, you should to keep 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) of your closing costs from your mortgage lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to include all closing costs and fall within a strict range of accuracy. I'll study the estimate and let you know if it all looks permissible.
Then we'll close on your home. This should happen at a title company or escrow office and will most likely be a smooth and peaceful event.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, be sure to call me at (803) 957-5566 or e-mail me at .