Looking to buy a new home in Santa Fe? Leyba Real Estate LLC can help.
Buying a home intimidates many people, but with a little up-front planning, it isn't very difficult.
I like to supply buyers with an overview of the whole deal so they'll understand exactly what to expect.
Below are my nine steps to buying a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to answer any questions you have about this information.
Step 1 – Get ready to buy
There are a lot of things you need to consider before you start looking for a home.
When you begin your search, you'll want to assemble a list of items you want, plan for what neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to a third of your monthly income is a good rule of thumb to go by.
Step 2 – Contact a real estate agent
That's where I can help.
We'll plan a time to meet so we can talk about your real estate needs 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.
In addition, I'll help you begin the loan process.
I work with some of the finest mortgage professionals in Santa Fe, so you can rest assured that you're in great hands.
They will help you determine which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house-hunting
Following our initial meeting, I'll start finding houses on the market that are a good fit for you.
I'll research most of the houses and eliminate the bad ones, and then we'll set up appointments to tour the homes whenever it's most convenient for you.
As we tour homes, I'll call attention to positive features and negative ones. And I'll ask you what things you like and don't like.
It's common for buyers to revise their wish list as we view houses and some features become far more important than others.
If that happens, I'll go back through the listings again and narrow it down to the house of your dreams.
Step 4 – Know the market
Your agent's awareness of the Santa Fe home market is a necessary aspect in your home search. And I assure you I'm familiar with all the neighborhoods and schools, and I will alert you to what districts are "hot" and warrant prompt action and some that are "cold" and allow for thoughtful consideration.
When we tour homes, I'll be sure to tell you when the seller's asking price has room for negotiation and when I trust the home is "priced to sell."
Be mindful and be sure to ask your agent a lot of questions, as any REALTOR in Santa Fe 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 happy to answer any questions you might have. My market knowledge will keep you a step above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
We'll find your dream house in the Santa Fe area, and when that happens, I'll precisely create your home purchase offer. The offer will be tailored to suit your needs and the home, including some contingencies. A few examples are acquiring financing, carrying out the home inspection, and a clear title.
When we submit your purchase offer, you'll likely want to present "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property and is often applied to the closing costs. If your offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate the deal
Most contracts don't close on the beginning offer. It's really common to receive a counter offer. But don't let it alarm you. We'll talk over whether or not to take the counter offer, propose our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll compose a contract that's best for you.
Step 7 – Obtain your loan
Upon finalizing the deal, you'll start working with your mortgage lender to close the loan.
If you've been pre-approved, this won't be a long process at all. But you'll need to keep in close contact with your lender.
And I'll handle 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 your closing costs from your lender within three days of taking your application.
This estimate rests on the loan amount. RESPA requirements dictate that it has to involve all closing costs and be within a precise range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will likely occur at a title company or escrow office and will most often be a smooth and relaxed occasion.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, be sure to contact me at 505-473-0223 or e-mail me at .