Buying or selling a home in Highland Park? RED HOUSE REALTY, INC. can help.
Buying a home is a stressful event for many people. However, with a bit of up-front planning, it isn't too complex.
So they understand exactly what to expect, I'll supply buyers with an outline of the whole deal.
Below are my nine steps to buying a home.
If you have questions about any of this information or if you're prepared to get started, just contact me here or e-mail me at .
Step 1 – Get ready to purchase
There are several things you should take into account before commencing your home search.
When you begin your search, you'll want to assemble an outline of items you want, get a feel for what neighborhoods you want to live in, and begin working on your budget.
Ensuring your mortgage payment is no more than 30 percent of your net monthly income is a good rule to adhere to.
Step 2 – Connect with a real estate agent
That's where I come in.
We can book a time to meet so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss the mortgage industry, other economic factors that could affect your buying decision today or in the future, as well as neighborhoods and school districts in the Highland Park area.
I can also assist you with getting started on your loan.
There are some very good mortgage professionals in Highland Park, and I partner with a lot of them, so you're in great hands.
They'll assist you in deciding which kind of loan is best for you and help you get qualified.
Step 3 – Begin looking for a house
After our first meeting, I'll begin finding homes on the market that are great for you.
I'll preview many of the houses and exclude the duds, and then we'll schedule appointments to view the houses when it's convenient for you.
As we view the homes, I'll identify good features, as well as bad ones. I'll even ask you to point out what things you like and dislike.
As a rule, buyers revise their list of must-haves as we view homes and some things become far more crucial than others.
If that's the case, I'll look through all the listings once again and trim it down to the house you've been waiting for.
Step 4 – Know the housing market
Your agent's knowledge of the Highland Park housing market is a leading aspect in your home search. And I can assure you I'm mindful of all the schools and neighborhoods, and I will alert you to which districts are "hot" and call for immediate action and some that are "cold" and allow for thoughtful analysis.
As we view houses, I'll let you know if the list price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, trust your instincts and be sure to ask plenty of questions. Any real estate agent in Highland Park will tell you they comprehend the housing market.
If things don't add up, call me at (323) 800-4445 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 above the rest throughout the entire deal.
Step 5 – Find the home you've been waiting for
I'm confident we'll find the home of your dreams in the Highland Park area. When we do, I'll thoroughly develop your purchase offer. The offer will be made to fit your needs and the home. We'll include a lot of contingencies, such as getting financing, finishing the inspection, and a clean title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit given to a home seller to secure an offer to buy the property and is often put towards the cost of closing. If the offer is accepted by the seller, we should close on the property about 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the beginning offer – it's extremely common to receive a counter offer. But don't let this intimidate you. We'll figure out whether or not to consent to the counter offer, present our own counter offer, or reject the seller's offer and go on.
The state of the market will play a large role in how aggressively we negotiate the contract.
We'll also work within your financing constraints. And when it's all said and done, we'll create a deal that is best for you.
Step 7 – Get a loan
After we sign the final sales contract, you'll start working with your mortgage lender to close the loan.
It won't take much time at all if you're already pre-qualified, but you'll want to stay in close contact with your 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) outlining closing costs from your mortgage lender within three days of receiving your loan application.
This estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a tight range of accuracy. I'll examine the estimate and let you know if it all looks adequate.
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 affair.
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 contact me at (323) 800-4445 or e-mail me at .