Are you contemplating buying a new home in Bakersfield? Fenton Real Estate can help.
For many people, purchasing a home can be an intimidating event. But with some planning ahead of time, it's not that hard.
I like to give buyers a road map of the whole deal so they know exactly what to expect.
Here are my nine steps to purchasing a home.
When you're ready to get started, just contact me here or e-mail me at . I'm happy to address any questions you have regarding this information.
Step 1 – Prepare to purchase
There are plenty of things you'll want to contemplate prior to beginning your home search.
You'll probably want to create a check list of items you need, plan for what school districts you want to live in, and start planning your budget.
Keeping your mortgage payment less than or close to 1/3 of your net monthly income is a good principle to follow.
Step 2 – Communicate with a real estate agent
That's where I can help.
I'd be happy to schedule a time to get together with you and communicate with you regarding why you want to buy a home and get an idea of your future plans.
We'll talk about everything from neighborhoods, schools in the Bakersfield area, the mortgage industry, to any other economic factors that may potentially affect your buying decision today or in the future.
I'll also assist you in getting started on your loan.
There are some very good mortgage professionals in Bakersfield, and I partner with a lot of them, so you can rest assured that you're in great hands.
They can assist you with figuring out which type of loan is best for you and help you get approved.
Step 3 – Begin house hunting
Following our initial meeting, I'll start searching for houses on the market that meet your needs.
I'll preview many of the houses and exclude the bad ones, and then we'll set up appointments to tour the houses when it's convenient for you.
As we view homes, I'll point out positive features, as well as negative ones. I'll even ask you to talk about things you like and don't like.
It's pretty common for buyers to change their must-have list as we view houses and some features become far more necessary than others.
If that happens, I'll go back through all the listings once again and trim it down to the house you've been dreaming about.
Step 4 – Know the market
My knowledge of the Bakersfield housing market is an imperative element in your home search. I am informed of all the school districts and neighborhoods, and I will communicate what districts are "hot" and call for prompt action and some that are "cold" and allow for more analysis.
As we view houses, I'll let you know if the seller's asking price has room for bargaining or if I believe the home is "priced to sell."
When working with an agent, be careful and be sure to ask lots of questions. Any real estate agent in Bakersfield will tell you they comprehend the market.
If things don't add up, just call me at 661-205-5475 or e-mail me at , and I'll be glad to answer any questions you might have. My understanding of the market will keep you a step above the rest throughout the entire process.
Step 5 – Find the house of your dreams
We'll find the house of your dreams in the Bakersfield area, and when that happens, I'll carefully create your real estate purchase offer. The offer will be tailored keeping your needs in mind and the home, including some contingencies. A few examples are getting financing, carrying out the home inspection, and a clean title.
When turning in your offer, you'll need to submit "earnest money." This is a cash deposit submitted to the seller to secure the offer to purchase the property and is often applied to the closing costs. If your offer is accepted, we should close on the property within 30 to 60 days after. This allows necessary time for your mortgage financing.
Step 6 – Negotiate
Most contracts don't close on the beginning offer – it's widely common to receive a counter offer. Don't let it discourage you. We'll figure out whether or not to accept the counter offer, submit our own counter offer, or decline the seller's offer and go on.
How aggressively we negotiate the contract depends on market conditions.
We'll also work within your financing limits. And at the end of the day, we'll formulate a contract that works well for you.
Step 7 – Get financing
Once the deal is signed, you'll begin working with your mortgage lender to close the loan.
If you're pre-approved, this shouldn't take very long at all. However, you should to keep in close contact with your lender.
And I'll sort out all the property information your mortgage lender needs to close the loan.
Step 8 – Close the deal
Your mortgage lender will send you a Loan Estimate (LE) detailing your closing costs within three days of taking your loan application. You'll get a Loan Estimate (LE) detailing your closing costs from your lender within three days of getting your application.
The estimate depends on the loan amount. RESPA requirements require that it has to include all closing costs and fall within a close range of accuracy, and I'll analyze the estimate and let you know if everything looks permissible.
Then we'll close on your home. This will likely happen at a title company or escrow office and is often a smooth and comfortable occurrence.
Step 9 – Move in
Congratulations! Now you can move into your new house. Enjoy it. And if you need anything or have any questions, simply call me at 661-205-5475 or e-mail me at .