With a little planning ahead of time, buying a home isn't all that complex, but the event is stressful for many people. So you understand exactly what to expect, I like to furnish my buyers with a road map of the whole deal. These are my nine steps to purchasing a home.
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 | Should you have questions regarding any of this information or if you're ready to get started, you can contact me here or e-mail me at SantaFeInfo@santaferealtygroup.com. | | |
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Step 1 – Prepare to purchase
Before you begin searching for a home, there are several things you should contemplate. When you start your search, you'll probably want to put together an index of items you need to have, get an idea of what school districts and neighborhoods you want to live in, and begin working on your budget. Ensuring your mortgage payment is less than or close to 30 percent of your monthly income is a good principle to follow.
Step 2 – Get in touch with a real estate agent in Santa fe
This is where Santa Fe Realty Group | Susan Hadley/ President and Qualifying Broker can help. I'd love to set up a time to meet with you and speak with you about why you want to buy a home and get an idea of your future plans. We'll talk about everything from neighborhoods, schools in the Santa fe area, the mortgage industry, to any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you start the loan process. There are some excellent mortgage professionals in Santa fe, and I work with a lot of them, so you'll be in great hands. They will assist you in determining which type of loan is best for you and help you get qualified.
Step 3 – Start your search
After we meet for the first time, I'll begin looking for available homes on the market that are a great fit for you. I'll preview most of the homes and throw out the duds, and then we'll set up appointments to view the homes when it's convenient for you.
When we tour houses, I'll show you the positive features, as well as bad ones. And I'll ask you to point out what things you like and don't like. For the most part, buyers amend their must-have list as we tour houses and some things become more crucial than others. If that's the case, I'll go back through all the listings again and narrow it down to the house you've been waiting for.
Step 4 – Know the housing market
My awareness of the Santa fe home market is an essential benefit in your house search. I am familiar with all the neighborhoods and schools, and I can communicate certain districts are "hot" and demand immediate action and some that are "cool" and allow for thoughtful consideration.
As we tour homes, I'll let you know when the list price has room for bargaining and also when I trust the home is "priced to sell." Any REALTOR® in Santa fe will claim to understand the market, but be careful, and make sure you ask lots of questions. If it appears they don't know everything, just call me at 505-986-9077 or e-mail me at SantaFeInfo@santaferealtygroup.com, and I'll be glad to answer any questions you may have. My knowledge of the market will help you stay a step above the rest throughout the entire process.
Step 5 – Find the home of your dreams
I'm confident we'll find the home of your dreams in Santa fe. When we do, I'll meticulously develop your purchase offer. The offer will be tailored with your needs in mind, including some contingencies, such as acquiring financing, completing the inspection, and a clear title.
Upon submitting your offer, you'll want to submit "earnest money." This is a cash deposit made to the seller to secure an offer to buy the property, and it's most often applied to the cost of closing. If your offer is accepted, we should close within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Unfortunately most contracts aren't closed on the initial offer. It's extremely common to receive a counter offer. But don't let this intimidate you. We'll consider whether or not to accept the counter offer, submit our own counter offer, or refuse the seller's offer and move on.
How aggressively we negotiate the contract depends on the state of the market. In addition, we'll work within your financing budget. And when it's all said and done, we'll formulate a deal that's best for you.
Step 7 – Obtain your loan
Once we sign the final sales contract, you'll begin working with your mortgage lender to close the loan. If you've been pre-approved, this won't take very long at all, but you need 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 Good Faith Estimate (GFE) detailing closing costs from your mortgage lender within three days of getting your loan application. This estimate depends on the loan amount. RESPA requirements mandate that it has to contain all closing costs and be within a tight range of accuracy, and I'll examine the estimate and let you know if everything looks adequate.
Then it's time to close on your home. This will likely happen at a title company or escrow office and will most often be a smooth and stress-free occasion.
Step 9 – Move in
You made it! It's time to move into your new house. Enjoy it. And if you need anything, simply contact me at 505-986-9077 or send me an e-mail.
