Purchasing a new home in San Diego
Purchasing a home is an intimidating event for many people, but it's not that confusing with a bit of planning ahead of time.
We like to give buyers an outline of the entire deal so they understand exactly what they can expect.
Here are our nine steps to purchasing a home.
Step 1 – Prepare to purchase
Prior to beginning your home search, there are plenty of things you should take into account.
When you start your search, you'll want to make an outline of items you need, plan for what neighborhoods you'd like to live in, and begin planning your budget.
Keeping your mortgage payment around 30 percent of your net monthly income is a good guideline to adhere to.
Step 2 – Get with a real estate agent in San Diego
This is where we come in.
We'd be happy to book a time to meet with you and speak with you regarding your real estate needs and get an idea of your upcoming plans.
We'll talk about neighborhoods, school districts in the San Diego area, the mortgage and housing industries, and any additional economic factors that may potentially affect your purchase today or in the future.
We'll also help you begin the loan process.
We work with some of San Diego's best mortgage professionals, so you'll be in great hands.
They can assist you in determining which kind of loan is best for you and help you get qualified.
Step 3 – Start house-hunting
After we meet, we'll start finding available homes on the market that meet your needs.
We'll research most of the houses and reject the duds, and then we'll book appointments to tour the homes when it's convenient for you.
When we view homes, we'll call attention to good features, as well as bad ones. we'll also ask you to tell us about things you like and dislike.
Generally, buyers change their list of must-haves as we tour homes and some features become more substantial than others.
If that's the case, we'll go back through the listings once again and narrow it down to the home you've been dreaming about.
Step 4 – Know the market
Our understanding of the San Diego home market is a crucial advantage in your home search. We are conscious of all the schools and neighborhoods, and we can communicate certain districts are "hot" and warrant immediate action and the rest that are "cool" and allow for cautiousness.
As we view houses, we'll be sure to tell you when the seller's asking price has room for negotiation and when we think the house is "priced to sell."
Be on guard and be sure to ask plenty of questions, as every real estate agent will convince you they know the housing market.
If things don't add up, contact us at 619-624-2052 or e-mail us at Sally@RBVrealestate.com, and we'd be happy to answer your questions. Our understanding of the market will keep you a step above the rest through the entire process.
Step 5 – Find the house you've been waiting for
We know we'll find the house of your dreams in the San Diego area. When that happens, we'll carefully develop your home purchase offer. The offer will be tailored with your needs in mind, including many contingencies, such as obtaining financing, completing the inspection, and a clear title.
When sending in your purchase offer, you'll want to present "earnest money." This is a cash deposit made to the home seller to secure an offer to purchase the property and is often applied to the cost of closing. If the seller accepts your offer, we should close on the property within 30 to 60 days after. This allows enough time for your mortgage financing.
Step 6 – Negotiate the deal
Unfortunately most deals aren't closed on the initial offer. It's extremely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to accept the counter offer, propose our own counter offer, or reject the seller's offer and go on.
Market conditions will play a big part in how aggressively we negotiate the deal.
We'll also work within your budget. And when it's all said and done, we'll assemble a deal that is best for you.
Step 7 – Obtain financing
After the contract is finished, you'll start working with your mortgage lender to close the loan.
If you're already pre-approved, this won't take very long at all. But you'll want to stay in close contact with your lender.
And we'll look after all the property information your mortgage lender needs to close the loan.>
Step 8 – Close the deal
You'll get a Loan Estimate (LE) detailing closing costs from your mortgage lender within three days of receiving your loan application.
This estimate depends on the loan amount, and RESPA requirements mandate that it has to contain all closing costs and fall within a tight range of accuracy. we'll analyze the estimate and let you know if it all looks adequate.
Then it's time to close on your home. This will most often occur at a title company or escrow office and will likely be a smooth and relaxed event.
Step 9 – Move in
Success! It's time to move into your new home. Enjoy it. And if you have any questions, simply contact us at 619-624-2052 or send us an e-mail.