Are you looking to buy a new home in Santa Fe? Leyba Real Estate LLC can help.
Buying a home is an intimidating event for a lot of people, but it isn't that difficult with a little planning ahead of time.
I like to provide buyers with an overview of the whole deal so they'll know exactly what to expect.
These are my nine steps to buying a home.
If you have questions regarding any of this information or if you're prepared to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to buy
Before you start your home search, there are many things you need to do.
When you start your search, you'll probably want to put together an index of items you need, get a feeling for what neighborhoods you'd like to live in, and begin planning your budget.
Ensuring your mortgage payment is no more than 1/3 of your net monthly income is a good guideline to adhere to.
Step 2 – Contact a real estate agent in Santa Fe
This is where I come in.
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 plans for the future.
We'll talk about everything from neighborhoods, schools in the Santa Fe area, the mortgage and housing industries, to any other economic factors that may affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some very good mortgage professionals in Santa Fe, and I work with a lot of them, so you're in great hands.
They'll assist you with figuring out which kind of loan is best for you and help you get approved.
Step 3 – Start your search
After we meet, I'll begin looking for homes on the market that are a good fit for you.
I'll preview many of the houses and remove the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we tour homes, I'll show you the positive features, as well as bad ones. I'll also ask you to talk about things you like and don't like.
It's pretty common for buyers to change their wish list as we view homes and some items become far more necessary than others.
If that's the case, I'll search all the listings once again and trim it down to the home of your dreams.
Step 4 – Comprehend the housing market
My awareness of the Santa Fe market is an essential aspect in your home search. I am acquainted with all the neighborhoods and schools, and I can alert you to some neighborhoods are "hot" and call for immediate action and the ones that are "cool" and allow for careful analysis.
When we view homes, I'll let you know when the seller's asking price has room for bargaining and when I know the house is "priced to sell."
Be on guard and be sure to ask your agent plenty of questions, as every real estate agent in Santa Fe will tell you they comprehend the market.
If things don't add up, just call me at 505-473-0223 or e-mail me at , and I'd be more than happy to answer your questions. My market knowledge will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
I know we'll find the home of your dreams in the Santa Fe area. When we do, I'll meticulously create your home purchase offer. The offer will be tailored exactly to your needs and the home, including a lot of contingencies. A few examples are getting financing, finishing the inspection, and a clear title.
Upon presenting your offer, you'll want to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property, and it's usually applied to the cost of closing. If the seller accepts your offer, we should close about 30 to 60 days afterward. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts aren't closed on the first offer, and it's really common to receive a counter offer. Don't let this discourage you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
The state of the market will play a part in how aggressively we negotiate the contract.
In addition, we'll work within your budget. And when it's all said and done, we'll formulate a deal that is best for you.
Step 7 – Obtain financing
Upon completion of the contract, you'll begin working with your mortgage lender to close the loan.
It won't take much time at all if you're already pre-qualified, but you'll want to stay in close contact with your lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your mortgage lender within three days of taking your application.
This estimate is formed from the loan amount. RESPA requirements order that it has to contain all closing costs and fall within a narrow range of accuracy, and I'll review the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely happen at a title company or escrow office and is often a smooth and peaceful occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you have any questions, make sure you call me at 505-473-0223 or e-mail me at .