Are you buying your home in Santa Fe?
Buying a home is a stressful event for a lot of people. However, with some planning ahead of time, it's not all that complex.
I like to furnish buyers with an overview of the whole deal so they understand exactly what to expect.
These are my nine steps to purchasing a home.
When you're ready to get started, simply contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Get ready to purchase a home
There are several things you need to do before starting your home search.
You'll most likely want to assemble an index of items you want, plan for what school districts you want to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to a third of your net monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent
That's where I come in.
We can book a time to meet so we can talk about your real estate needs and get an idea of your plans for the future.
We'll talk about the mortgage industry, other economic factors that may potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Santa Fe area.
In addition, I'll help you begin the loan process.
I work with some of the finest mortgage professionals in Santa Fe, so you're in great hands.
They will help you choose which type of loan is best for you, as well as help you get approved.
Step 3 – Start looking for a home
Following our initial meeting, I'll start looking for houses on the market that best suit you.
I'll research many of the houses and remove the duds, and then we'll set up appointments to view the houses at a time that's convenient for you.
When we tour the houses, I'll call attention to good features, as well as bad ones. And I'll ask you to point out what things you like and don't like.
It's common for buyers to revise their wish list as we view homes and some features become more crucial than others.
If that's the case, I'll search the listings one more time and narrow it down to the home of your dreams.
Step 4 – Comprehend the market
An agent's awareness of the Santa Fe housing market is a crucial factor in your home search. And I can assure you I'm informed of all the school districts and neighborhoods, and I'll let you know what neighborhoods are "hot" and require prompt action and some that are "cold" and allow for thoughtful analysis.
As we tour houses, I'll be sure to tell you when the list price has room for negotiation and also when I believe the house is "priced to sell."
Be on guard and make sure you ask plenty of questions, as every real estate agent will tell you they truly understand the market.
If things don't add up, just call me at 505-473-0223 or e-mail me at , and I'd be happy to answer your questions. My market expertise will keep you a step above the rest through the entire deal.
Step 5 – Find the home you've been looking for
I'm confident we'll find the home of your dreams in Santa Fe. When we do, I'll precisely create your home purchase offer. The offer will be tailored keeping your needs in mind and the home, including several contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clean title.
Upon presenting your offer, most likely you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's often applied to the cost of closing. If the offer is accepted by the seller, we should close on the home about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the first offer – it's widely common to receive a counter offer. Don't let this intimidate you. We'll discuss whether or not to take the counter offer, propose our own counter offer, or refuse the seller's offer and move on.
Market conditions will play a vital role in how aggressively we negotiate the deal.
In addition, we'll work within your budget. And at the end of the day, we'll formulate a contract that's best for you.
Step 7 – Obtain a loan
Upon completing the contract, you'll start working with your mortgage lender to close the loan.
It shouldn't take much time at all if you're pre-approved, but you'll need to stay in close contact with your lender.
And I'll look after all the property information your 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.
The estimate rests on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and be within a narrow range of accuracy. I'll analyze the estimate and let you know if everything looks good.
Then we'll close on your house. This will most often occur at a title company or escrow office and will probably be a smooth and comfortable occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, just contact me at 505-473-0223 or e-mail me at .