Are you purchasing your home in Albuquerque? The Home Team of eXp Realty can help.
Purchasing a home intimidates most people, but it isn't too difficult with a little planning ahead of time.
So they'll know exactly what they can expect, I like to give buyers an outline of the whole deal.
These are my nine steps to buying a home.
If you have questions about any of this information or if you're ready to get started, you can contact me here or e-mail me at .
Step 1 – Prepare to buy
There are several things you'll want to contemplate prior to beginning your home search.
You'll probably want to put together a checklist of items you need, get a feeling for what neighborhoods you'd like to live in, and start planning around your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good rule of thumb to adhere to.
Step 2 – Contact a real estate agent in Albuquerque
This is where I come in.
We'll book a time to get together so we can talk about your real estate needs and get an idea of your future plans.
We'll discuss everything from neighborhoods, school districts in the Albuquerque area, the mortgage and housing industries, to any other economic factors that may potentially affect your purchase today or in the future.
I'll also help you get started on your loan.
There are some great mortgage professionals in Albuquerque, and I work with a lot of them, so you can rest assured that you're in great hands.
They can assist you with determining which type of loan is best for you and help you get qualified.
Step 3 – Start looking for a home
After we meet for the first time, I'll begin finding available homes on the market that are a good fit for you.
I'll research many of the homes and reject the duds, and then we'll book appointments to tour the homes when it's most convenient for you.
As we view homes, I'll show you the good features and bad ones. I'll also ask you to point out what things you like and don't like.
Generally, buyers amend their list of must-haves as we view houses and some items become more necessary than others.
If that's the case, I'll look through the listings again and trim it down to the home you've been dreaming about.
Step 4 – Comprehend the market
My awareness of the Albuquerque housing market is a necessary aspect in your house search. I'm conscious of all the neighborhoods and schools, and I will let you know which areas are "hot" and require immediate action and the ones that are "cool" and allow for cautiousness.
As we tour homes, I'll let you know when the list price has room for bargaining and when I think the home is "priced to sell."
Every REALTOR in Albuquerque will claim to know the housing market, but be wary, and make sure you ask lots of questions.
If it appears they don't know everything, just call me at 505-293-1224 or e-mail me at , and I'll be happy to answer any questions you might have. My knowledge of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find your dream house
We'll find the house of your dreams in the Albuquerque area, and when that happens, I'll precisely create your purchase offer. The offer will be tailored keeping your needs in mind and the home, including many contingencies. A few examples are acquiring financing, finishing the home inspection, and a clear title.
When submitting your offer, you'll likely need to present "earnest money." This is a cash deposit submitted to the home seller to secure the offer to buy the property, and it's typically put towards the cost of closing. If the seller accepts the offer, we should close on the home about 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most deals don't close on the first offer – it's very common to receive a counter offer. But don't let this discourage you. We'll consider whether or not to agree to the counter offer, submit our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the contract depends on market circumstances.
In addition, we'll work within your financing budget. And at the end of the day, we'll assemble a contract that works well for you.
Step 7 – Get financing
Once we sign the final deal, you'll start working with your mortgage lender to close the loan.
It shouldn't take long at all if you've been pre-qualified, but you'll want to stay in close contact with your lender.
And I'll deal with all the property information your lender will need to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) outlining closing costs within three days of receiving your loan application. You'll get a Good Faith Estimate (GFE) of your closing costs from your lender within three days of receiving your application.
The estimate depends on the loan amount, and RESPA requirements dictate that it has to include all closing costs and fall within a precise range of accuracy. I'll go over the estimate and let you know if everything looks all right.
Then it's time to close on your home. This will probably happen at a title company or escrow office and will probably be a smooth and hassle-free occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything, simply call me at 505-293-1224 or e-mail me at .