Are you contemplating purchasing your home in Santa Fe?
For most people, buying a home is a stressful event. However, with some planning ahead of time, it's not all that difficult.
I like to supply buyers with an overview of the whole deal so they know exactly what they can expect.
Below are my nine steps to purchasing a home.
Should you have any questions about this information or if you're ready to get started, simply contact me here or e-mail me at .
Step 1 – Get ready to purchase a home
Before you begin looking for a home, there are a lot of things you should take into account.
When you start your search, you'll probably want to assemble an index of features you want to have, plan for what neighborhoods and school districts you want to live in, and start working on your budget.
A good guideline to follow is that your mortgage payment should be around 30 percent of your monthly income.
Step 2 – Get in touch with a real estate agent in Santa Fe
This is where Leyba Real Estate LLC can help.
We'll schedule a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Santa Fe area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
I can also assist you with getting started on your loan.
I work with some of the best mortgage professionals in Santa Fe, so you'll be in great hands.
They will help you figure out which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin house hunting
Following our initial meeting, I'll start looking for homes on the market that are a good fit for you.
I'll preview most of the houses and reject the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
As we tour homes, I'll call attention to good features and negative ones. I'll also ask you what things you like and don't like.
As a rule, buyers amend their must-have list as we view homes and some features become far more necessary than others.
If such is the case, I'll go back through the listings one more time and trim it down to the home you've been waiting for.
Step 4 – Know the housing market
My awareness of the Santa Fe market is a necessary agent in your home search. I'm conscious of all the schools and neighborhoods, and I can alert you to certain areas are "hot" and require prompt action and others that are "cold" and allow for careful consideration.
As we view homes, I'll be sure to tell you when the list price has room for bargaining and also when I think the house is "priced to sell."
Be careful and be sure to ask your agent plenty of questions, as every REALTOR will tell you they truly understand the market.
If things don't add up, call me at 505-473-0223 or e-mail me at , and I'd be glad to answer any questions you have. My market expertise will keep you a step ahead throughout the entire process.
Step 5 – Find the house you've been looking for
I know we'll find the home of your dreams in Santa Fe. When that happens, I'll thoroughly develop your real estate purchase offer. The offer will be made to suit your needs and the home. We'll include some contingencies, such as obtaining financing, carrying out the inspection, and a clear title.
When we turn in your purchase offer, most likely you'll need to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to purchase the property, and it's most often put towards the cost of closing. If your offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows enough time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the beginning offer – it's really common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on the state of the market.
We'll also work within your budget. And at the end of the day, we'll compose a contract that works well for you.
Step 7 – Obtain a loan
Upon finalizing the deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, this shouldn't take very long at all. But you need 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 Loan Estimate (LE) of your closing costs from your lender within three days of receiving your application.
This estimate rests on the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then it's time to close on your house. This will probably occur at a title company or escrow office and will most often be a smooth and stress-free occurrence.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, make sure you contact me at 505-473-0223 or e-mail me at .