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Buying or selling a home in Santa Fe?
Purchasing a home is a stressful event for most people, but with a bit of up-front planning, it isn't too hard.
So they know exactly what to expect, I like to provide buyers with a road map of the entire deal.
These are my nine steps to purchasing a home.
If you have questions regarding 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 purchase
There are plenty of things you need to consider before you start looking for a home.
You'll most likely want to make a list of items you want, get a feeling for what neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment around a third of your net monthly income is a good rule to follow.
Step 2 – Connect with a real estate agent in Santa Fe
That's where I can help.
We can set up a time to meet so we can talk about your real estate needs and get an idea of your future plans.
We'll talk about neighborhoods, school districts in the Santa Fe area, the mortgage and housing industries, and any other economic factors that might affect your buying decision today or in the future.
In addition, I'll assist you with getting started on your loan.
There are some very good mortgage professionals in Santa Fe, and I partner with a lot of them, so you're in great hands.
They can assist you with determining which type of loan is best for you and help you get approved.
Step 3 – Start your home search
Following our initial meeting, I'll start searching for available houses on the market that best suit you.
I'll preview most of the homes and exclude the bad ones, and then we'll schedule appointments to view the homes whenever it's most convenient for you.
As we tour the homes, I'll show you the positive features and negative ones. I'll even ask you to talk about things you like and dislike.
Oftentimes, buyers update their wish list as we view houses and some items become more essential than others.
If that's the case, I'll go back through the listings another time and narrow it down to the home you've been waiting for.
Step 4 – Understand the housing market
My understanding of the Santa Fe market is a leading aspect in your house search. I am familiar with all the schools and neighborhoods, and I'll let you know certain districts are "hot" and require prompt action and the ones that are "cold" and allow for thoughtful consideration.
As we view houses, I'll make sure to communicate when the seller's asking price has room for bargaining and also when I trust the home is "priced to sell."
When working with an agent, be mindful and be sure to ask a lot of questions. Any real estate agent will tell you they comprehend the home market.
If things don't add up, just call me at 505-473-0223 or e-mail me at , and I'll be glad to answer any questions you have. My knowledge of the market will keep you a step ahead throughout the entire deal.
Step 5 – Find the house you've been looking for
We'll find the home of your dreams in the Santa Fe area, and when we do, I'll precisely create your purchase offer. The offer will be made to fit your needs and the home. We'll include some contingencies, such as acquiring financing, finishing the inspection, and a clear title.
When we turn in your offer, you'll need to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property. The amount is often put towards the cost of closing. If the offer is accepted by the seller, we should close about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Most deals aren't closed on the first offer. It's pretty common to receive a counter offer. Don't let this alarm you. We'll talk over whether or not to agree to the counter offer, submit our own counter offer, or reject the seller's offer and move on.
Market conditions will play a role in how aggressively we negotiate the deal.
We'll also work within your financing constraints. And at the end of the day, we'll assemble a deal that is best for you.
Step 7 – Obtain your loan
After the deal is finalized, you'll begin working with your lender to close the loan.
If you're already pre-qualified, it shouldn't be a long process at all. However, you'll want to keep in close contact with your mortgage lender.
And I'll care for all the property information your mortgage lender will need 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 accepting your loan application.
This estimate depends on the loan amount, and RESPA requirements require that it has to include all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then it's time to close on your house. This will probably happen at a title company or escrow office and will likely be a smooth and calm occasion.
Step 9 – Move in
Congratulations! Now you can move into your new home. Enjoy it. And if you need anything or have any questions, make sure you contact me at 505-473-0223 or e-mail me at .