For most people, buying a home can be an intimidating event. But with a bit of planning ahead of time, it's not too complicated.
So you'll understand exactly what to expect, I like to give my buyers a road map of the entire deal.
Here are my nine steps to buying a home.
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If you have any questions regarding any of this information or if you're ready to get started, just contact me here or e-mail me at galantino@aol.com.
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Step 1 – Prepare to buy
Prior to beginning your home search, there are many things you'll want to consider.
It's likely that you'll want to form a checklist of must-have features, get an idea of what school districts and neighborhoods you want to live in, and start working on your budget.
Keeping your mortgage payment less than or close to 30 percent of your net monthly income is a good principle to follow.
Step 2 – Contact a real estate agent in NAPA
This is where Coldwell Banker Brokers Of The Valley - Allene Galantino comes in.
We can plan a time to get together so we can talk about why you want to buy a home and get an idea of your upcoming plans.
We'll discuss neighborhoods, schools in the NAPA area, the mortgage industry, and any other economic factors that could potentially affect your buying decision today or in the future.
I can also help you get started on your loan.
There are some great mortgage professionals in NAPA, and I work with a lot of them, so you'll be in great hands.
They can help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin looking
After our initial meeting, I'll start searching for houses on the market that are a good fit for you.
I'll research most of the homes and throw out the duds, and then we'll set up appointments to tour the houses when it's most convenient for you.
As we tour the homes, I'll show you the positive features, as well as negative ones. And I'll ask you to tell us about things you like and don't like.
It's pretty common for buyers to amend their must-have list as we view homes and some features become more important than others.
If that happens, I'll look through all the listings one more time and narrow it down to the house you've been wishing for.
Step 4 – Get a feel for the market
My awareness of the NAPA home market is a crucial resource in your house search. I am informed of all the schools and neighborhoods, and I can communicate some neighborhoods are "hot" and demand prompt action and some that are "cold" and allow for thoughtful examination.
As we view homes, I'll make sure to communicate when the asking price has room for negotiation and when I know the house is "priced to sell."
When working with an agent, be on guard and be sure to ask plenty of questions. Any real estate agent will tell you they know the market.
If it appears they don't know everything, just call me at 707.258.5242 or e-mail me at galantino@aol.com, and I'd be more than happy to answer your questions. My market expertise will help you stay a step above the rest throughout the entire process.
Step 5 – Find your dream house
I'm positive we'll find the house of your dreams in the NAPA area. When that happens, I'll thoroughly develop your home purchase offer. The offer will be tailored to suit your needs, including several contingencies, such as acquiring financing, finishing the home inspection, and a clear title.
Upon presenting your offer, you'll need to submit "earnest money." This is a cash deposit made to a seller to secure an 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 home within 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate the deal
A lot of deals aren't closed on the beginning offer, and it's widely common to receive a counter offer. But don't let it intimidate you. We'll talk about whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and move on.
Market circumstances will play a role in how aggressively we negotiate the contract.
In addition, we'll work within your financing budget. And at the end of the day, we'll create a contract that works well for you.
Step 7 – Obtain your loan
After the contract is finished, you'll begin working with your mortgage lender to close the loan.
If you've been pre-approved, it won't take much time at all, but you'll want to stay in close contact with your lender.
And I'll deal with all the property information your lender needs to close the loan.
Step 8 – Close the deal
Your lender will send you a Good Faith Estimate (GFE) detailing your closing costs within three days of accepting your loan application. You'll get a Good Faith Estimate (GFE) outlining your closing costs from your mortgage lender within three days of taking your application.
The estimate depends on the loan amount. RESPA requirements require that it has to involve all closing costs and fall within a strict range of accuracy, and I'll examine the estimate and let you know if everything looks good.
Then it's time to close on your home. This will likely occur at a title company or escrow office and should be a smooth and comfortable affair.
Step 9 – Move in
Congratulations! It's time to move into your new house. Enjoy it. And if you need anything or have any questions, be sure to contact me at 707.258.5242 or send me an e-mail.
