Are you contemplating buying your new home in Los Alamos? Exit Realty Advantage NM, Los Alamos Properties can help.
With some up-front planning, purchasing a home isn't very hard, but the event is intimidating for many people.
I like to provide buyers with an outline of the entire deal so they understand exactly what to expect.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
Before you start your home search, there are a lot of things you should take into account.
When you begin your search, you'll want to make a checklist of items you need to have, get an idea of what school districts you want to live in, and start planning your budget.
A good principle to adhere to is that your mortgage payment should be close to a third of your monthly income.
Step 2 – Get with a real estate agent in Los Alamos
This is where Exit Realty Advantage NM, Los Alamos Properties can help.
I can arrange a time to meet so we can talk about why you want to buy a home and get an idea of your future plans.
We'll discuss the mortgage industry, other economic factors that may potentially affect your buying decision today or in the future, as well as neighborhoods and school districts in the Los Alamos area.
I can also assist you in getting started on your loan.
Exit Realty Advantage NM, Los Alamos Properties works with some of the finest mortgage professionals in Los Alamos, so you can rest assured that you're in great hands.
They can help you choose which type of loan is best for you, as well as help you get qualified.
Step 3 – Begin looking
After our first meeting, I'll begin finding houses on the market that are a good fit for you.
I'll research most of the homes and ignore the duds, and then we'll schedule appointments to tour the houses at a time that's convenient for you.
When we view houses, I'll point out positive features, as well as negative ones. And I'll ask you what things you like and don't like.
It's pretty common for buyers to update their list of must-haves as we view houses and some items become far more essential than others.
If that's the case, I'll search all the listings once again and narrow it down to the house you've been waiting for.
Step 4 – Get a grasp of the market
Your agent's knowledge of the Los Alamos home market is a crucial agent in your home search. And I assure you I'm acquainted with all the school districts and neighborhoods, and I can communicate which areas are "hot" and demand immediate action and the rest that are "cool" and allow for thoughtful examination.
When we view homes, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the house is "priced to sell."
Any real estate agent will claim to comprehend the market, but take note, and be sure to ask your agent plenty of questions.
If it seems like they don't know everything, call me at (505) 662-8899 or e-mail me at email@example.com, and I'd be happy to answer any questions you might have. My market knowledge will keep you a step ahead through the entire process.
Step 5 – Find your dream house
I know we'll find your dream home in the Los Alamos area. When that happens, I'll meticulously create your purchase offer. The offer will be tailored exactly to your needs, including many contingencies. A few examples are acquiring financing, carrying out the inspection, and a clear title.
Upon presenting your purchase offer, you'll likely want to submit "earnest money." This is a cash deposit made to a seller to secure an offer to purchase the property, and it's typically put towards the closing costs. If the seller accepts the offer, we should close on the home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of deals don't close on the first offer, and it's widely common to receive a counter offer. Don't let this alarm you. We'll consider whether or not to take the counter offer, present our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the deal depends on market conditions.
We'll also work within your budget. And at the end of the day, we'll assemble a deal that's best for you.
Step 7 – Obtain financing
Upon signing the deal, you'll begin working with your lender to close the loan.
If you're already pre-approved, this won't take very long at all, but you should to keep in close contact with your mortgage lender.
And I'll sort out all the property information your lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of accepting your loan application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and be within a precise range of accuracy, and I'll review the estimate and let you know if everything looks all right.
Then it's time to close on your house. This will probably take place at a title company or escrow office and will most often be a smooth and hassle-free affair.
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) 662-8899 or send me an e-mail.