With some planning ahead of time, buying a home isn't that difficult, but the event intimidates a lot of people. So you'll know exactly what to expect, I like to provide my buyers with an outline of the entire deal. These are my nine steps to buying a home.
Step 1 – Get ready to buy a home
Prior to beginning your home search, there are several things you should do. When you begin your search, you'll want to assemble an index of features you want, get a plan of what neighborhoods and school districts you'd like to live in, and begin planning your budget. Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Get in touch with a real estate agent in Oakland
This is where Coldwell Banker comes in. We can plan a time to meet so we can talk about your real estate needs and get an idea of your plans for the future. We'll talk about everything from neighborhoods, school districts in the Oakland area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll help you facilitate the loan process. There are some excellent mortgage professionals in Oakland, and I partner with a lot of them, so you'll be in great hands. They'll help you choose which kind of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll begin finding available homes on the market that best suit you. I'll get a sneak peek of most of the homes and exclude the duds, and then we'll schedule appointments to tour the houses when it's most convenient for you.
As we view homes, I'll call attention to positive features and bad ones. I'll even ask you what things you like and don't like. For the most part, buyers change their must-have list as we tour homes and some items become far more essential than others. If that's the situation, I'll search all the listings another time and trim it down to the house of your dreams.
Step 4 – Understand the market
An agent's understanding of the Oakland home market is an essential element in your house search. And I can assure you I'm acquainted with all the neighborhoods and schools, and I'll communicate some districts are "hot" and require prompt action and some that are "cool" and allow for more analysis.
When we view homes, I'll be sure to tell you if the seller's list price has room for bargaining or if I believe the house is "priced to sell." When working with an agent, trust your instincts and make sure you ask plenty of questions. Every REALTOR® in Oakland will convince you they know the market. If things don't add up, just call me at 510.339.4799 or e-mail me at karyn.miller@coldwellbanker.com, and I'd be glad to answer your questions. My market knowledge will keep you a step ahead throughout the entire process.
Step 5 – Find the home you've been looking for
I'm confident we'll find your dream house in Oakland, and when that happens, I'll precisely develop your real estate purchase offer. The offer will be tailored keeping your needs in mind. Whenever necessary, I never forget to make contracts contingent upon items like acquiring financing and the results of the home inspection.
Upon turning in your purchase offer, you'll probably need to submit "earnest money." This is a cash deposit given to the home seller to secure an offer to buy the property. The amount is usually put towards the cost of closing. If the offer is accepted by the seller, we should close within 30 to 60 days afterward. This allows plenty of time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most deals aren't closed on the initial offer. It's pretty common to receive a counter offer. But don't let this discourage you. We'll talk about whether or not to consent to the counter offer, present our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the deal depends on market circumstances. In addition, we'll work within your financing budget. And at the end of the day, we'll compose a deal that works well for you.
Step 7 – Get financing
Upon finishing the contract, you'll start working with your lender to close the loan. If you've been pre-qualified, it won't take very long at all, but you need to stay in close contact with your lender. And I'll look after all the property information your lender needs to close the loan.
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) detailing closing costs from your lender within three days of accepting your application. The estimate rests on the loan amount, and RESPA requirements mandate that it has to include all closing costs and be within a narrow range of accuracy. I'll review the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most likely happen at a title company or escrow office and will most likely be a smooth and calm occurrence.
Step 9 – Move in
Success! Now you can move into your new home. Enjoy it. And if you need anything, just call me at 510.339.4799 or send me an e-mail.
