Buying a new home in Dana Point
With some up-front planning, buying a home isn't very complex, but the event can be stressful for a lot of people.
So you'll understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal.
Below are my nine steps to buying a home.
Step 1 – Prepare to buy
There are plenty of things you need to consider before starting your home search.
You'll probably want to put together an index of features you want to have, get a feel for what neighborhoods you'd like to live in, and start planning your budget.
Ensuring your mortgage payment is less than a third of your monthly income is a good principle to adhere to.
Step 2 – Communicate with a real estate agent
This is where Wave Crest Financial Group, INC comes in.
I'll arrange 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 discuss everything from neighborhoods, schools in the Dana Point area, the mortgage and housing industries, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also help you get started on your loan.
There are some great mortgage professionals in Dana Point, and I work with a lot of them, so you're in great hands.
They'll help you determine which type of loan is best for you, as well as help you get qualified.
Step 3 – Start looking for a home
After our first meeting, I'll begin searching for available houses on the market that best suit you.
I'll get a sneak peek of most of the houses and ignore the bad ones, and then we'll schedule appointments to tour the houses whenever it's convenient for you.
When we view the houses, I'll identify good features, as well as negative ones. I'll also ask you to tell me about things you like and don't like.
It's common for buyers to change their list of must-haves as we view homes and some items become far more crucial than others.
If such is the case, I'll go back through all the listings once more and trim it down to the home you've been waiting for.
Step 4 – Get a feel for the housing market
My awareness of the Dana Point housing market is an essential asset in your search. I am acquainted with all the neighborhoods and school districts, and I can alert you to what areas are "hot" and demand immediate action and the rest that are "cold" and allow for careful consideration.
When we view homes, I'll be sure to tell you when the seller's list price has room for negotiation and when I think the home is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions, as any REALTOR® in Dana Point will claim to truly understand the housing market.
If things don't add up, contact me at (949) 487-3377 or e-mail me at RRingys@wavecrestfinancial.com, and I'd be glad to answer any questions you have. My understanding of the market will keep you a step ahead through the entire process.
Step 5 – Find the home of your dreams
I know we'll find the house of your dreams in Dana Point. When that happens, I'll precisely create your home purchase offer. The offer will be tailored with your needs in mind, including a lot of contingencies. A few examples are getting financing, completing the home inspection, and a clear title.
Upon turning in your purchase offer, you'll likely need to submit "earnest money." This is a cash deposit given to the seller to secure the offer to buy the property and is most often put towards the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days afterward. This allows necessary time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the first offer, and it's extremely common to receive a counter offer. But don't let it alarm you. We'll discuss whether or not to accept the counter offer, propose our own counter offer, or refuse the seller's offer and go on.
Market circumstances determine 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 contract that's best for you.
Step 7 – Obtain financing
Upon signing the contract, you'll start working with your mortgage lender to close the loan.
If you're already pre-qualified, this shouldn't be a long process at all, but you'll want to stay in close contact with your mortgage lender.
And I'll take care of 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 receiving your loan application.
This estimate depends on the loan amount. RESPA requirements dictate that it has to include all closing costs and fall within a strict range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will most often happen at a title company or escrow office and is often a smooth and relaxed occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, just contact me at (949) 487-3377 or send me an e-mail.