Are you looking to purchase a new home in Santa Fe? Leyba Real Estate LLC can help.
Buying a home is a stressful event for many people, but it isn't all that complex with some planning ahead of time.
I like to provide buyers with an overview of the entire deal so they know exactly what they can expect.
These are my nine steps to purchasing a home.
When you're ready to get started, you can contact me here or e-mail me at . I'm glad to address any questions you have regarding this information.
Step 1 – Get ready to buy a home
There are several things you should take into account before beginning your home search.
It's likely that you'll want to assemble a checklist of items you need to have, get a feeling for what neighborhoods and school districts you want to live in, and start working on your budget.
Ensuring your mortgage payment is less than or around 1/3 of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent in Santa Fe
This is where Leyba Real Estate LLC comes in.
We can set up a time to get together so we can talk about your real estate needs and get an idea of your upcoming plans.
We'll discuss neighborhoods, school districts in the Santa Fe area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.
I can also help you begin the loan process.
There are some great mortgage professionals in Santa Fe, and I partner with a lot of them, so you're in great hands.
They will help you decide which kind of loan is best for you, as well as help you get qualified.
Step 3 – Start house hunting
After we meet for the first time, I'll start looking for available houses on the market that suit your needs.
I'll get a sneak peek of many of the homes and eliminate the duds, and then we'll schedule appointments to tour the houses whenever it's most convenient for you.
As we tour the homes, I'll show you the good features, as well as negative ones. I'll also ask you what things you like and dislike.
Usually, buyers update their wish list as we tour houses and some things become more crucial than others.
If that's the case, I'll search the listings once more and trim it down to the house of your dreams.
Step 4 – Comprehend the housing market
Your agent's understanding of the Santa Fe home market is an imperative element in your home search. And I assure you I'm mindful of all the school districts and neighborhoods, and I can let you know what areas are "hot" and demand prompt action and some that are "cold" and allow for more analysis.
As we tour homes, I'll let you know if the seller's list price has room for negotiation or if I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as every real estate agent will convince you they truly know the housing market.
If it doesn't seem like they know everything, call me at 505-473-0223 or e-mail me at , and I'll be glad to answer any questions you may have. My knowledge of the market 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 the Santa Fe area, and when we do, I'll thoroughly create your purchase offer. The offer will be made to suit your needs and the home. We'll include many contingencies, such as acquiring financing, carrying out the inspection, and a clean title.
When we send in your purchase offer, you'll need to present "earnest money." This is a cash deposit made to the seller to secure an offer to purchase the property, and it's typically applied to the closing costs. If the seller accepts your offer, we should close on the property about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer – it's widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or reject the seller's offer and go on.
How aggressively we negotiate the contract depends on market circumstances.
We'll also work within your financing budget. And at the end of the day, we'll put together a deal that is best for you.
Step 7 – Get your loan
Upon completing the contract, you'll begin working with your lender to close the loan.
If you're pre-qualified, this shouldn't take very long at all, but you should to stay in close contact with your lender.
And I'll sort out all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will provide you with a Loan Estimate (LE) of closing costs within three days of accepting your application. You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your application.
The estimate is formed from the loan amount, and RESPA requirements dictate that it has to include all closing costs and be within a tight range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then it's time to close on your home. This will probably take place at a title company or escrow office and will likely be a smooth and relaxing affair.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything or have any questions, be sure to contact me at 505-473-0223 or e-mail me at .