Buying a new home in Santa Fe
Purchasing a home is stressful for most people. However, with a little up-front planning, it's not that difficult.
So they'll understand exactly what they can expect, I like to give buyers a road map of the entire deal.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address questions you have about this information.
Step 1 – Get ready to purchase
Before you begin looking for a home, there are many things you need to consider.
You'll most likely want to form a checklist of must-haves, get a feeling for what school districts you'd like to live in, and start planning around your budget.
A good rule to follow is that your mortgage payment should be less than or around 30 percent of your net monthly income.
Step 2 – Talk to a real estate agent
That's where I can help.
I'd love to plan a time to meet with you and speak with you about your real estate needs and get an idea of your plans for the future.
We'll talk about everything from neighborhoods, school districts in the Santa Fe area, the mortgage and housing industries, to any other economic factors that might affect your purchase today or in the future.
I can also assist you in getting started on your loan.
There are some excellent mortgage professionals in Santa Fe, and I work with a lot of them, so you're in great hands.
They can 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 first meeting, I'll start looking for available houses on the market that best suit you.
I'll get a sneak peek of many of the homes and remove the duds, and then we'll book appointments to tour the houses at a time that's convenient for you.
As we view the homes, I'll identify good features, as well as negative ones. And I'll ask you to point out what things you like and dislike.
As a rule, buyers update their must-have list as we tour houses and some items become far more essential than others.
If that's the situation, I'll search all the listings once again and trim it down to the house you've been wishing for.
Step 4 – Know the market
An agent's awareness of the Santa Fe home market is a necessary factor in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I'll communicate which neighborhoods are "hot" and demand immediate action and others that are "cold" and allow for more examination.
As we view homes, I'll make sure to communicate when the seller's asking price has room for negotiation and also when I believe the house is "priced to sell."
When working with an agent, trust your instincts and be sure to ask lots of questions. Every REALTOR in Santa Fe will claim to comprehend the market.
If things don't add up, contact me at 505-473-0223 or e-mail me at , and I'll be happy to answer any questions you might have. My market expertise will keep you a step ahead through the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream home in the Santa Fe area. When that happens, I'll carefully create your real estate purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as acquiring financing, carrying out the inspection, and a clear title.
When submitting your offer, you'll likely need to present "earnest money." This is a cash deposit made to the home seller to secure an offer to buy the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts don't close on the first offer – it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to accept the counter offer, present our own counter offer, or decline the seller's offer and move on.
Market circumstances determine how aggressively we negotiate the contract.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a deal that works well for you.
Step 7 – Get financing
Once the deal is finalized, you'll begin working with your mortgage lender to close the loan.
If you've been pre-qualified, this won't take much time at all, but you need to stay in close contact with your mortgage lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will give you a Loan Estimate (LE) of your closing costs within three days of accepting your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your mortgage lender within three days of getting your application.
This estimate is based on the loan amount, and RESPA requirements mandate that it has to involve all closing costs and fall within a strict range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often take place at a title company or escrow office and will most often be a smooth and pleasant occurrence.
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 call me at 505-473-0223 or e-mail me at .