Let Commercial First Realty & A Solar Rose residential services assist you in purchasing a home in Albuquerque
Buying a home is an intimidating event for most people. However, with some planning ahead of time, it isn't all that difficult. I like to provide buyers with an outline of the entire deal so they'll know exactly what they can expect. These are my nine steps to buying a home.
When you're ready to get started, you can contact me here or send me e-mail
. I'm glad to answer any questions you have regarding this information.
Step 1 – Get ready to buy
There are a lot of things you'll want to contemplate prior to beginning your home search. You'll want to make an outline of items you want to have, get a plan of what neighborhoods and school districts you'd like to live in, and start planning your budget. Keeping your mortgage payment less than or close to 30 percent of your monthly income is a good rule to adhere to.
Step 2 – Contact a real estate agent
This is where Commercial First Realty & A Solar Rose residential services can help. I'd be happy to arrange a time to get together with you and talk about your real estate needs and get an idea of your future plans. We'll talk about everything from neighborhoods, school districts in the Albuquerque area, the mortgage industry, to any other economic factors that could affect your purchase today or in the future.
In addition, I'll assist you in getting started on your loan. I work with some of the finest mortgage professionals in Albuquerque, so you'll be in great hands. They will help you figure out which type of loan is best for you, as well as help you get approved.
Step 3 – Begin your search
After we meet for the first time, I'll start looking for houses on the market that are a good fit for you. I'll research most of the homes and eliminate the duds, and then we'll book appointments to tour the homes at a time that's convenient for you.
As we tour houses, I'll call attention to positive features and negative ones. And I'll ask you to talk about things you like and dislike. Frequently, buyers revise their wish list as we view homes and some features become far more necessary than others. If that's the case, I'll look through all the listings another time and narrow it down to the house you've been wishing for.
Step 4 – Get a grasp of the market
My understanding of the Albuquerque market is an essential benefit in your home search. I am familiar with all the schools and neighborhoods, and I can let you know what districts are "hot" and call for prompt action and the others that are "cool" and allow for thoughtful consideration.
When we tour houses, I'll make sure to communicate if the seller's asking price has room for bargaining or if I believe the home is "priced to sell." Be mindful and make sure you ask your agent lots of questions, as every real estate agent will claim to comprehend the housing market. If it seems like they don't know everything, call me at 505-298-0573 or e-mail me at email@example.com, and I'll be happy to answer any questions you may have. My understanding of the market will keep you a step above the rest throughout the entire deal.
Step 5 – Find the house of your dreams
I'm certain we'll find your dream home in the Albuquerque area. When that happens, I'll carefully develop your purchase offer. The offer will be tailored keeping your needs in mind, including some contingencies, such as getting financing, carrying out the home inspection, and a clean title.
When we send in your purchase offer, you'll probably need to present "earnest money." This is a cash deposit submitted to a home seller to secure an offer to buy the property and is most often applied to the closing costs. If the offer is accepted by the seller, we should close on the home about 30 to 60 days after. This allows sufficient time for your mortgage financing.
Step 6 – Negotiate
A lot of contracts don't close on the first offer. It's extremely common to receive a counter offer. Don't let it intimidate you. We'll talk over whether or not to accept the counter offer, propose our own counter offer, or decline the seller's offer and move on.
How aggressively we negotiate the deal depends on the state of the market. In addition, we'll work within your financing limits. And when it's all said and done, we'll assemble a contract that's best for you.
Step 7 – Obtain a loan
Once we sign the final deal, you'll start working with your lender to close the loan. It won't take long at all if you're already pre-approved, but you should to keep in close contact with your mortgage lender. And I'll care for all the property information your lender will need to close the loan.>
Step 8 – Close the deal
You'll get a Good Faith Estimate (GFE) of your closing costs from your mortgage lender within three days of accepting your application. This estimate is formed from the loan amount, and RESPA requirements dictate that it has to contain all closing costs and be within a tight range of accuracy. I'll examine the estimate and let you know if it all looks good.
Then we'll close on your house. This will likely occur at a title company or escrow office and is often a smooth and pleasant occurrence.
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, make sure you call me at 505-298-0573 or send me an e-mail.