Purchasing a home is stressful for most people. However, with some up-front planning, it isn't that complicated.
I like to supply buyers with an overview of the whole deal so they'll understand exactly what they can expect.
Here are my nine steps to buying a home.
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When you're ready to get started, just contact me here or send e-mail to tomguajardo@kw.com. I'm glad to address any questions you have about this information.
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Step 1 – Prepare to buy
There are several things you need to contemplate before starting your home search.
It's likely that you'll want to put together a check list of items you need, plan for what neighborhoods you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than 1/3 of your net monthly income is a good guideline to go by.
Step 2 – Get with a real estate agent
This is where Keller Williams Realty comes in.
I'd like to set up a time to get together with you and speak with you regarding why you want to buy a home and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the San Antonio area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
I can also assist you in getting started on your loan.
Keller Williams Realty partners with some of the finest mortgage professionals in San Antonio, so you're in great hands.
They'll assist you in deciding which type of loan is best for you and help you get approved.
Step 3 – Begin your search
After our first meeting, I'll begin searching for available homes on the market that suit your needs.
I'll research most of the houses and exclude the bad ones, and then we'll book appointments to tour the houses whenever it's convenient for you.
As we tour houses, I'll point out positive features, as well as negative ones. I'll even ask you to point out what things you like and don't like.
It's common for buyers to change their must-have list as we view houses and some things become far more crucial than others.
If that's the case, I'll go back through all the listings one more time and trim it down to the house you've been dreaming about.
Step 4 – Get a grasp of the housing market
My understanding of the San Antonio market is a necessary advantage in your house search. I'm informed of all the neighborhoods and school districts, and I will let you know which areas are "hot" and call for prompt action and others that are "cool" and allow for careful consideration.
As we view homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
Any REALTOR® will convince you they know the market, but be on guard, and be sure to ask plenty of questions.
If it doesn't seem like they know everything, call me at 210-477-4884 or e-mail me at tomguajardo@kw.com, and I'd be happy to answer your questions. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I know we'll find the house of your dreams in the San Antonio area. When that happens, I'll thoroughly develop your purchase offer. The offer will be tailored exactly to your needs, including some contingencies, such as getting financing, finishing the inspection, and a clean title.
When we present your offer, most likely you'll want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's most often put towards the cost of closing. If your offer is accepted by the seller, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let this alarm you. We'll consider whether or not to agree to the counter offer, propose our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
We'll also work within your financing limits. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Get a loan
After we sign the final contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-qualified, this shouldn't take long at all. However, you need to keep in close contact with your lender.
And I'll manage all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Good Faith Estimate (GFE) detailing your closing costs within three days of getting your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of accepting your application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your house. This will most likely occur at a title company or escrow office and will most likely be a smooth and easygoing occasion.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, just contact me at 210-477-4884 or send me an e-mail.