Buying or selling a home in Santa Fe?
Buying a home is stressful for most people, but with a little planning ahead of time, it's not all that confusing.
So they'll know exactly what they can expect, I'll provide buyers with a road map of the entire deal.
Below are my nine steps to buying a home.
Should you have any questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Get ready to buy a home
Before you start searching for a home, there are a lot of things you should consider.
When you start your search, you'll want to make an outline of features you need to have, get a feeling for what neighborhoods and school districts you want to live in, and start planning your budget.
A good rule to go by is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Connect with a real estate agent in Santa Fe
This is where Leyba Real Estate LLC can help.
We can set up a time to meet so we can talk about why you want to buy a home and get an idea of your plans for the future.
We'll discuss the mortgage and housing industries, other economic factors that could potentially affect your purchase today or in the future, as well as neighborhoods and school districts in the Santa Fe area.
I can also help you get started on your loan.
There are some excellent mortgage professionals in Santa Fe, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with determining which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After we meet for the first time, I'll begin finding houses on the market that meet your needs.
I'll get a sneak peek of most of the houses and remove the bad ones, and then we'll set up appointments to view the homes when it's convenient for you.
When we tour houses, I'll call attention to positive features, as well as bad ones. I'll even ask you about things you like and dislike.
It's widely common for buyers to revise their wish list as we view homes and some features become more essential than others.
If that's the situation, I'll search all the listings one more time and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the housing market
My awareness of the Santa Fe housing market is an imperative aspect in your home search. I am familiar with all the neighborhoods and school districts, and I'll let you know which areas are "hot" and call for immediate action and some that are "cold" and allow for careful analysis.
When we tour houses, I'll make sure to communicate when the seller's asking price has room for bargaining and when I trust the home is "priced to sell."
Any REALTOR will tell you they understand the housing market, but be mindful, and be sure to ask your agent plenty of questions.
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 help you stay a step ahead throughout the entire deal.
Step 5 – Find the home you've been looking for
We'll find your dream house in Santa Fe, and when that happens, I'll thoroughly develop your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are obtaining financing, completing the inspection, and a clear title.
When turning in your purchase offer, you'll want to present "earnest money." This is a cash deposit submitted to a seller to secure the offer to buy the property. The amount is most often put towards the closing costs. If the offer is accepted, we should close on the property within 30 to 60 days after. This allows ample time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of contracts don't close on the initial offer – it's extremely common to receive a counter offer. Don't let it intimidate you. We'll discuss whether or not to agree to the counter offer, submit our own counter offer, or refuse the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
In addition, we'll work within your financing constraints. And when it's all said and done, we'll create a contract that is best for you.
Step 7 – Secure financing
Once we sign the final deal, you'll begin working with your lender to close the loan.
If you've been pre-qualified, it shouldn't take long at all. But you'll want to keep in close contact with your mortgage lender.
And I'll look after all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your lender will furnish you with a Loan Estimate (LE) detailing your closing costs within three days of getting your application. You'll get a Loan Estimate (LE) outlining 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 include all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if everything looks okay.
Then we'll close on your house. This will probably happen at a title company or escrow office and will most often be a smooth and comfortable event.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you have any questions, be sure to contact me at 505-473-0223 or e-mail me at .