Contemplating buying your new home in Danville? Coldwell Banker can help.
For most people, purchasing a home can be an intimidating event. But with a little planning ahead of time, it's not all that confusing.
So you'll know exactly what to expect, I like to give my buyers an outline of the entire deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you begin searching for a home, there are several things you should do.
When you begin your search, you'll want to assemble an index of items you need, get a plan of what school districts you want to live in, and start working on your budget.
A good guideline to adhere to is that your mortgage payment should be no more than a third of your net monthly income.
Step 2 – Get with a real estate agent
That's where I can help.
I'd be happy to schedule a time to get together with you and communicate with you regarding your real estate needs and get an idea of your upcoming plans.
We'll discuss the mortgage and housing industries, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Danville area.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Danville, and I partner with a lot of them, so you're in great hands.
They can help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house-hunting
Following our first meeting, I'll begin looking for houses on the market that are a good fit for you.
I'll research most of the homes and ignore the bad ones, and then we'll schedule appointments to tour the houses when it's convenient for you.
When we tour houses, I'll identify good features and bad ones. And I'll ask you what things you like and dislike.
As a rule, buyers change their must-have list as we tour houses and some items become far more essential than others.
If that happens, I'll search all the listings once again and narrow it down to the house of your dreams.
Step 4 – Get a feel for the housing market
An agent's knowledge of the Danville market is an essential component in your house search. And I assure you I'm acquainted with all the neighborhoods and schools, and I can communicate which districts are "hot" and demand prompt action and the rest that are "cold" and allow for more consideration.
When we tour homes, I'll let you know when the asking price has room for negotiation and also when I trust the house is "priced to sell."
Any REALTOR® in Danville will tell you they truly understand the market, but be mindful, and make sure you ask your agent plenty of questions.
If things don't add up, just call me at 925-200-4040 or e-mail me at firstname.lastname@example.org, and I'll be glad to answer any questions you have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm certain we'll find the home of your dreams in Danville. When we do, I'll meticulously create your purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as getting financing, carrying out the inspection, and a clear title.
When sending in your purchase offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure the offer to buy the property and is typically put towards the cost of closing. If the seller accepts the offer, we should close on the property about 30 to 60 days after. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals don't close on the first offer – it's very common to receive a counter offer. But don't let it intimidate you. We'll figure out whether or not to take the counter offer, present our own counter offer, or decline the seller's offer and go on.
Market circumstances determine how aggressively we negotiate the deal.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a contract that works well for you.
Step 7 – Get a loan
Upon signing the deal, you'll start working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't take very long at all. But you need to stay in close contact with your mortgage lender.
And I'll take care of all the property information your lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of getting your loan application.
This estimate rests on the loan amount. RESPA requirements order that it has to include all closing costs and be within a close range of accuracy, and I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your home. This will most often occur at a title company or escrow office and is often a smooth and stress-free affair.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, make sure you call me at 925-200-4040 or send me an e-mail.