Purchasing a new home in Milpitas

For a lot of people, buying a home is a stressful event. But with some up-front planning, it's not very hard. I like to provide buyers with a road map of the whole deal so they know exactly what to expect. Below are my nine steps to purchasing a home. When you're ready to get started, simply contact me here or e-mail me at . I'm glad to answer any questions you have regarding this information.

Step 1 – Get ready to purchase a home
There are several things you'll want to consider prior to starting your home search. You'll want to assemble an outline of items you need to have, get a feel for what school districts and neighborhoods you'd like to live in, and begin planning around your budget. Keeping your mortgage payment less than 1/3 of your monthly income is a good rule to adhere to.

Step 2 – Contact a real estate agent
This is where Selective Realty Inc. can help. I'd be more than happy to schedule a time to get together with you and speak with you about your real estate needs and get an idea of your plans for the future. We'll talk about neighborhoods, school districts in the Milpitas area, the mortgage and housing industries, and any additional economic factors that could affect your purchase today or in the future.

I can also help you get started on your loan. There are some very good mortgage professionals in Milpitas, and I work with a lot of them, so you can rest assured that you're in great hands. They can assist you with deciding which type of loan is best for you and help you get approved.

Step 3 – Begin your search
After our initial meeting, I'll start looking for houses on the market that meet your needs. I'll research many of the homes and remove the bad ones, and then we'll schedule appointments to view the homes at a time that's convenient for you.

When we view houses, I'll identify good features, as well as negative ones. And I'll ask you about things you like and don't like. It's common for buyers to revise their must-have list as we tour homes and some features become more crucial than others. If that's the case, I'll go back through all the listings once again and narrow it down to the house you've been dreaming about.

Step 4 – Understand the housing market
Your agent's knowledge of the Milpitas home market is an imperative component in your home search. And I assure you I'm acquainted with all the neighborhoods and schools, and I will communicate what districts are "hot" and require prompt action and some that are "cool" and allow for cautiousness.

When we tour homes, I'll let you know if the seller's list price has room for bargaining or if I believe the home is "priced to sell." When working with an agent, be on guard and make sure you ask plenty of questions, as every real estate agent in Milpitas will tell you they understand the housing market. If it seems like they don't know everything, just call me at 408-262-4321 or e-mail me at , and I'll be more than happy to answer any questions you may have. My market expertise will keep you a step ahead throughout the entire deal.

Step 5 – Find the home you've been waiting for
We'll find your dream home in the Milpitas area, and when that happens, I'll thoroughly create your purchase offer. The offer will be tailored exactly to your needs and the home, including some contingencies. A few examples are getting financing, completing the home inspection, and a clean title.

When turning in your purchase offer, you'll probably need to present "earnest money." This is a cash deposit given to a seller to secure the offer to purchase the property, and it's often put towards the closing costs. If your offer is accepted, we should close on the home within 30 to 60 days after. This allows plenty of time for your mortgage financing.

Step 6 – Negotiate
Unfortunately most deals don't close on the first offer, and it's pretty common to receive a counter offer. But don't let it discourage you. We'll talk about whether or not to consent to the counter offer, propose our own counter offer, or refuse the seller's offer and go on.

How aggressively we negotiate the contract depends on market circumstances. We'll also work within your financing constraints. And at the end of the day, we'll create a contract that works well for you.

Step 7 – Obtain financing
Once the contract is signed, you'll start working with your mortgage lender to close the loan. If you're pre-qualified, this shouldn't take very long at all, but you need to keep in close contact with your lender. And I'll handle all the property information your mortgage lender will need to close the loan.

Step 8 – Close the deal
You'll get a Loan Estimate (LE) of closing costs from your lender within three days of accepting your loan application. The estimate is formed from the loan amount, and RESPA requirements require that it has to contain all closing costs and fall within a narrow range of accuracy. I'll study the estimate and let you know if everything looks adequate.

Then we'll close on your house. This will most likely occur at a title company or escrow office and will most often be a smooth and relaxing occurrence.

Step 9 – Move in
Congratulations! It's time to move into your new home. Enjoy it. And if you need anything, just contact me at 408-262-4321 or e-mail me at .

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