Buying your new home in Santa Fe with Leyba Real Estate LLC
Buying a home intimidates many people. However, with some planning ahead of time, it isn't very confusing.
I like to provide buyers with an overview of the entire deal so they understand exactly what to expect.
Below 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 happy to address questions you have about this information.
Step 1 – Get ready to purchase a home
Before you start searching for a home, there are many things you need to take into account.
It's likely that you'll want to put together a check list of must-haves, plan for what school districts and neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment around a third of your monthly income is a good principle to go by.
Step 2 – Communicate with a real estate agent in Santa Fe
That's where I can help.
We can book a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss everything from neighborhoods, school districts in the Santa Fe area, the mortgage and housing industries, to any other economic factors that could potentially affect your buying decision today or in the future.
In addition, I'll help you start the loan process.
There are some excellent mortgage professionals in Santa Fe, and I partner with a lot of them, so you're in great hands.
They will assist you in determining which type of loan is best for you and help you get approved.
Step 3 – Start looking
After our initial meeting, I'll start finding homes on the market that are a good fit for you.
I'll preview most of the houses and ignore the duds, and then we'll schedule appointments to tour the homes whenever it's most convenient for you.
As we view houses, I'll point out good features, as well as negative ones. And I'll ask you to talk about things you like and don't like.
Frequently, buyers update their must-have list as we tour houses and some features become far more essential than others.
If that's the case, I'll go back through the listings once again and trim it down to the home you've been dreaming about.
Step 4 – Comprehend the market
An agent's knowledge of the Santa Fe market is a leading element in your home search. And I can assure you I'm mindful of all the neighborhoods and school districts, and I will let you know which neighborhoods are "hot" and require immediate action and some that are "cool" and allow for careful analysis.
When we tour houses, I'll make sure to communicate when the asking price has room for bargaining and when I believe the home is "priced to sell."
When working with an agent, be mindful and make sure you ask lots of questions, as any real estate agent in Santa Fe will convince you they comprehend the market.
If things don't add up, call me at 505-473-0223 or e-mail me at , and I'd be glad to answer your questions. My knowledge of the market will help you stay a step ahead throughout the entire deal.
Step 5 – Find your dream home
I'm positive we'll find your dream home in Santa Fe. When we do, I'll carefully create your purchase offer. The offer will be tailored to suit your needs and the home, including many contingencies, such as acquiring financing, completing the inspection, and a clean title.
Upon sending in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is typically applied to the closing costs. If the offer is accepted, we should close about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals don't close on the first offer. It's very common to receive a counter offer. Don't let it alarm you. We'll talk over whether or not to agree to the counter offer, propose our own counter offer, or reject the seller's offer and go on.
The state of the market determines how aggressively we negotiate the contract.
We'll also work within your budget. And when it's all said and done, we'll compose a deal that is best for you.
Step 7 – Secure financing
Upon finishing the contract, you'll begin working with your lender to close the loan.
If you're already pre-approved, it shouldn't take much time at all. However, you'll need to keep in close contact with your mortgage lender.
And I'll take care of all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of taking your loan application.
The estimate is based on the loan amount. RESPA requirements order that it has to involve all closing costs and be within a precise range of accuracy, and I'll go over the estimate and let you know if everything looks okay.
Then we'll close on your house. This will most often happen at a title company or escrow office and will most likely be a smooth and stress-free event.
Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at 505-473-0223 or e-mail me at .