Are you buying a home in Santa Fe? Leyba Real Estate LLC can help.
With some up-front planning, buying a home isn't that complex, but the event is intimidating for many people.
I like to provide buyers with an overview of the entire deal so they understand exactly what they can expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm happy to answer questions you have about this information.
Step 1 – Prepare to buy
There are plenty of things you need to contemplate before you start looking for a home.
When you start your search, you'll want to make a checklist of items you need, get an idea of what school districts and neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Santa Fe
That's where I can help.
I'd be happy to plan a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that might affect your buying decision today or in the future, as well as neighborhoods and school districts in the Santa Fe area.
I'll also help you get started on your loan.
I work with some of the best mortgage professionals in Santa Fe, so you're in great hands.
They'll assist you in choosing which kind of loan is best for you and help you get approved.
Step 3 – Begin house-hunting
Following our first meeting, I'll begin looking for available homes on the market that are a great fit for you.
I'll preview most of the houses and reject the bad ones, and then we'll set up appointments to view the homes whenever it's convenient for you.
When we tour houses, I'll identify good features, as well as negative ones. And I'll ask you about things you like and dislike.
It's common for buyers to change their list of must-haves as we view homes and some features become far more essential than others.
If that's the situation, I'll search all the listings again and trim it down to the home you've been wishing for.
Step 4 – Comprehend the housing market
My knowledge of the Santa Fe home market is an essential component in your home search. I'm informed of all the neighborhoods and schools, and I will communicate certain neighborhoods are "hot" and call for immediate action and others that are "cold" and allow for thoughtful analysis.
As we tour homes, I'll let you know when the seller's asking price has room for bargaining and when I know the home is "priced to sell."
Trust your instincts and be sure to ask your agent plenty of questions, as every REALTOR will claim to comprehend the market.
If it doesn't seem like they know everything, just call me at 505-473-0223 or e-mail me at , and I'll be happy to answer any questions you might have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find your dream house
We'll find your dream home in the Santa Fe area, and when we do, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind and the home, including some contingencies. A few examples are getting financing, carrying out the inspection, and a clean title.
Upon sending in your offer, most likely you'll want to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is typically put towards the cost of closing. If the seller accepts the offer, we should close within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most contracts don't close on the first offer – it's extremely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing limits. And at the end of the day, we'll put together a contract that works well for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll begin working with your mortgage lender to close the loan.
If you're already pre-approved, this shouldn't take much time at all. However, you'll need to keep 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 Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of accepting your application.
The estimate is formed from the loan amount. RESPA requirements dictate 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 it all looks all right.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will most often be a smooth and easygoing occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, make sure you call me at 505-473-0223 or e-mail me at .