Purchasing a home is stressful for most people, but with a little up-front planning, it isn't all that confusing.
I like to give buyers an outline of the entire deal so they know exactly what to 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 gabriel@LeybaRealEstate.com. I'm happy to answer any questions you have regarding this information.
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Step 1 – Get ready to buy a home
There are a lot of things you need to contemplate before you start looking for a home.
When you start your search, you'll probably want to create a checklist of features you want, get a plan of what neighborhoods you want to live in, and start working on your budget.
A good guideline to follow is that your mortgage payment should be less than 1/3 of your net monthly income.
Step 2 – Communicate with a real estate agent in Santa Fe
That's where I can help.
I'd like to plan 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 upcoming plans.
We'll talk about neighborhoods, school districts in the Santa Fe area, the mortgage industry, and any additional economic factors that might affect your purchase today or in the future.
I'll also assist you in getting started on your loan.
Leyba Real Estate LLC works with some of the finest mortgage professionals in Santa Fe, so you'll be in great hands.
They will help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After we meet, I'll begin finding houses on the market that are great for you.
I'll preview most of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes when it's convenient for you.
As we view homes, I'll identify positive features and negative ones. I'll also ask you to talk about things you like and dislike.
Oftentimes, buyers change their wish list as we tour houses and some features become more necessary than others.
If that's the situation, I'll look through the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a grasp of the housing market
My knowledge of the Santa Fe home market is an indispensable asset in your search. I'm mindful of all the school districts and neighborhoods, and I can alert you to what districts are "hot" and warrant prompt action and some that are "cold" and allow for more consideration.
When we tour homes, I'll be sure to tell you if the seller's list price has room for negotiation or if I believe the house is "priced to sell."
Be mindful and be sure to ask a lot of questions, as any real estate agent in Santa Fe will claim to truly understand the market.
If things don't add up, just call me at 505.473.0223 or e-mail me at gabriel@LeybaRealEstate.com, and I'd be more than happy to answer any questions you have. My knowledge of the market will help you stay a step above the rest throughout the entire deal.
Step 5 – Find your dream house
I'm confident we'll find the house of your dreams in the Santa Fe area. When we do, I'll meticulously create your purchase offer. The offer will be tailored with your needs in mind, including several contingencies, such as getting financing, carrying out the inspection, and a clean title.
Upon presenting your offer, you'll probably want to submit "earnest money." This is a cash deposit made to the home seller to secure the offer to buy the property and is usually applied to the closing costs. If your offer is accepted, we should close on the home about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Most deals aren't closed on the initial offer – it's extremely common to receive a counter offer. Don't let this discourage you. We'll talk over whether or not to consent to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market will play a role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Secure a loan
After the deal is complete, you'll begin working with your mortgage lender to close the loan.
If you're pre-qualified, it shouldn't take very long at all, but you should to keep in close contact with your lender.
And I'll handle all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing your closing costs from your lender within three days of taking your loan application.
The estimate depends on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a tight range of accuracy, and I'll review the estimate and let you know if everything looks adequate.
Then it's time to close on your house. This will likely occur at a title company or escrow office and should be a smooth and calm occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, simply contact me at 505.473.0223 or send me an e-mail.
